GBP and Nationwide Consumer Confidence

In less than 3 hours, the Nationwide Consumer Confidence will be released. Recent data was somewhat disappointing, almost every release came weaker than expected and it could be repeated again.

Remember last week that earlier data on consumer sentiment, GfK Consumer Confidence Survey, was weaker than estimated.At the same time dollar finds more support with better than expected Factory Orders and recent hawkish tone from the Fed (Bernanke today).

So I decided to go short on GBPUSD, opening at 1.9644 (it is about 20 pips below pivot line), with 35 pips for Stop Loss and 38 pips for Take Profit.