Pick of the Day: GBP/USD

Cable has been stuck in a range for the past ten days which means that traders are waiting for something to move the pair. Hopefully, UK GDP will be the catalyst for a strong move and break the pair out of the range. At 4:30 am EST, UK first quarter GDP will be release with a forecast number at 0.6% for the quarter vs. 0.6% previous. Also, the year over year number will be released with a forecast number of about 2.2% versus the previous number at 1.8%. Any surprises should cause volatility in the pair, and we all know how much cable can move during surprise number releases. Hopefully, we’ll be able to catch some pips with this event. Here’s a couple of trade ideas:

Short GBP/USD at 1.7820, stop at 1.7860, PT1 at 1.7776, PT2 at 1.7715

Long GBP/USD at 1.7845, stop at 1.7910, PT1 at 1.7988, PT2 at 1.8045

Now, we have US reports coming out tomorrow starting at 8:30 am EST. If we are in a trade before that time I would tighten my stops or take profit off the table. The US has been coming out with a lot of market moving numbers recently and we do not want to be whipsawed out of profitability.