At 3 a.m. EST there is UK Housing Indicator coming out. This one gives a decent opportunity to do some scalps. It is expected to come out at -0.4%, last month it came out at 1.3%. Last month you could be able to make 20 to 25 pips. If it comes out at -1.3%, I think it is low enough to sell GBP/USD. If it comes out at 1.5% or higher, that would be the best number since August, and that would be sufficient enough to cause GBP/USD strength. I would expect 25 to 30 pips price action in the first 30 minutes of the report although recently it is getting more focus on so it could be even more pips if the trigger is hit.
Tuesday, February 05th, 2008 (4:30 a.m. New York Time) UK
At 4:30 a.m. EST we will have UK Services PMI. That was is definitely tradable. Last month we had -0.8 deviation and it gave a great price action of 60 to 70 pips or so. I definitely would want to trade it. Usually I trade 1.0 trigger on it but I will give two triggers for this report. This report tends to move up and down and then up and down 25 pips with smaller deviations. If you are able to make money on it, I think trading 0.8 trigger so buying GBP/USD on 52.8 or higher, and sell GBP/USD at 51.2 or lower on the release. In this case, just take whatever market gives and exit. If it deviates by 1.5 trigger, I think it would be a good idea to hold your position for a longer time. So, if it comes out at 53.5 or higher, it would be more conservative buy trigger on the GBP/USD, and if it comes out at 50.5 or lower, it would be a conservative sell signal on GBP/USD.
Tuesday, February 05th, 2008 (3:00 a.m. New York Time) USA
At 10 a.m. we will have U.S. ISM Non-Manufacturing. Not the best indicator but you can try to scalp a few pips. It is expected to come out at 53.0. If it comes out at 54.5 or higher, you can go long on USD/JPY, looking for 20 pips price action. If it come out at 51.5 or lower, you can try to sell USD/JPY and expect 20 to 25 pips of the price action.