By Darrell Martin
Each market day, there are plenty of planned news reports that shape what happens on the charts. When you know what is coming, you can be better prepared with your plan of action. You can know which strategy you want to use; which one will bring you the best profit potential.
On October 9 and 10, 2014, two different reports will be released which impact the GBP. The first one is the Asset Purchase Facility and Official Bank Rate News or the Interest Rate Decision. This is where the Bank of England decides where to set the interest rate. This is important to traders because the short term interest rates factor into the currency valuation. This report will be released at 7:00 AM EST and if it is higher than expected, it will prove positive or bullish for the GBP. If it is lower, it would signal that it is negative or bearish for the GBP. The forecast predicts that it will remain the same as last month at 0.50%. Trading with Nadex, look for an Iron Condor on the GBP/USD entering as early as 6:00 AM EST with an expiration of 8:00 AM EST and a minimum profit of $35.
The second report is scheduled to be released on Friday, October 10, at 4:30 AM EST. This report is the Trade Balance News. This measures the difference in value between imported and exported goods and services over the last month. If the number is positive, it means that more goods and services were exported than imported. It is forecast that the number will be -9.60 Billion. The release for September was -10.190 Billion. If the number is higher than expected, it should be regarded as positive or bullish for the GBP. If lower than expected, it would be treated as negative or bearish.
For this report, trading into the news with Nadex, you can look for an Iron Condor on the GBP/USD entering as early as 11:00 PM with an expiration of 7:00 AM. The minimum profit amount you are looking for this time is $30.
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