Pick of the Day: GBP/USD

We have the UK CPI(m/m) coming out at 4:30 am EST. This is the monthly measure of inflation experienced by consumers. The consensus number is around 0.6% versus the previous number of 0.2%. Any surprise in this news report should cause high volatility in this pair, and hopefully we can capitalize on that. Cable is in a short term downtrend, surpassing the 50 SMA and the bouncing off the 100 SMA. I’m looking for a continued move downwards as we may be in a dollar correction, but of course I have an idea for both ways just to be prepared:

Long GBP/USD at 1.8895, stop at 1.8840, PT1 at 1.8910, PT2 at 1.8935

Short GBP/USD at 1.8745, stop at 1.8785, PT1 at 1.8730, PT2 at 1.8711

Good luck and good trading!