Intraday Long position on GBP/USD

FX:GBPUSD   British Pound / U.S. Dollar
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Learn to trade successfully - Although this currency pair is still undefined in its direction it is worth mentioning the possibilities to the upside. Recently the UK data has been coming out better than expected apart from the recent q/q GDP. The US also had a better than expected CPI reading which has caused the GBP/USD to cut the recent rally short. However next week we have some construction and services data due out which we are expecting to be better than expected. The problems we foresee with the rally on the GBP/USD is the Non Farm Payroll figure coming from the US on Friday which is expected to come in better than Expected. What we would like to do this week is attempt a trade on the GBP/USD for a buy at the start of the week with the expectations of being able to make it risk free before the Non Farm Payroll release on Friday. We are not looking to trade this with expectations of profit in the early part of the week but to be in a position that if the data coming from the US surprises to the downside then we can be positioned in a trade that is likely to rally very quickly.
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