Forex Trading Signal 12/23/08

Hi there my Forex friend.

On Tuesday the 12-23 we have 3 situations to look out for

0430 EST UK GDP 3Q final revision expected at -0.5%
This is the final revision, so it will likely not get as much love from the markets as other releases, but with a 0.3% deviation it could be a stealth mover.
-0.2% or higher buy GBP/USD for about 30 pips
-0.8% or lower short GBP/USD for about 30 pips
If it comes out close to expectations, look to trade the technicals and possibly get in against the number as this will not be a trend setter and is likely to reverse an initial move.

0830 EST US GDP 3Q final revision expected at -0.5%
As with UK GDP today, this is the final revision, so it will likely not get as much love from the markets as other releases, but with a 0.6% deviation it could be a stealth mover.
+0.1% or higher buy USD/JPY for about 30-40 pips
-1.1% or lower short USD/JPY for about 30-40 pips
If it comes out close to expectations, look to trade the technicals and possibly get in against the number as this will not be a trend setter and is likely to reverse an initial move.

1000 EST US Existing and New Home Sales m/m.
EHS expected at 4.93M and NHS at 418K. I tip my hat a bit towards Existing home sales as the slightly more important report here, but definitely stay out on any conflict. Housing indicators aren't what they used to be, but with 2 out at the same time they could prove worthwhile.
EHS at 5.1M or NHS at 480K or higher buy USD/JPY for about 30-40 pips
EHS at 4.79M or NHS at 350K or lower short USD/JPY for about 30-40 pips
If both come out close to expectations, look for the technicals to take over, but it's more likely that the market and usd/jpy may rally on news that isn't horrible.

That's all for tonight. Good luck trading and Merry Christmas!