By Darrell Martin
The British Bankers’ Association (BBA) will release its monthly report concerning the number of new mortgages that have been approved by banks represented by them during the last month. The BBA represents about 65 percent of total UK mortgage lending.
This is important to traders because this report shows the housing demand in the UK. When you think about purchasing a home, you realize that most homes are purchased using a mortgage. Because of this, it lets you know how many qualified buyers are entering the market.
The report will be released at 4:30 a.m. ET on Monday, January 26, 2015. If the report comes out with higher than forecast numbers, this is good for the GBP side of your trade. If lower than forecast the opposite is true. Last month, the actual number of mortgages approved was 36,7000.
Utilizing Nadex spreads to place an Iron Condor trade on GBP/USD, you can enter as early as 11:00 p.m. on January 25, 2015. You will want a 7:00 a.m. expiration and a minimum profit of $30. If there are no spreads available to give you this minimum, then there is no trade.
Remember when using the Iron Condor strategy to buy the lower spread and sell the upper spread having the ceiling of the lower spread equal to the floor of the upper spread. In addition to being equal, this level should also be at the underlying market price.
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