fundamental news

GBP Manufacturing Production Disappointment. Bollinger Band Break on GBPUSD.

  • Posted on: 10 July 2015
  • By: strategist
GBP Manufacturing Production Disappointment. Bollinger Band Break on GBPUSD.

On July 7, 2015 there was fundamental news concerning GBP. Manufacturing Production (m/m) for the British Economy came out rather disappointing at -0.6% downplaying the forecast of 0.1%. The pound already looked very bearish on the hourly chart.

When the one-hour bar closed following the bad news, it had broken the lower Bollinger Band. I executed a short with a take-profit slightly above the S1 pivot. Gained approximately 10 pips. The short was good for a lot more considering the negative miss of the economic data forecast but I had to be conservative.