GBP/USD Weekly Special Report based on 1.00 Lot Calculation:
● EVENT (FED CHAIRMAN JEROME POWELL TESTIMONY BEFORE CONGRESS - March 6 - 7, 2024): Federal Reserve Chair Jerome Powell is to testify on the economic outlook and recent monetary policy actions before the Joint Economic Committee, in Washington DC. The testimony is in two parts; the first is a prepared statement, then the committee conducts a question-and-answer session. The Q&A portion of the testimony could see heavy market volatility for the duration.
● EVENT (FRIDAY, MARCH 8 AT 13:30 GMT): US NONFARM PAYROLLS (NFP) AND UNEMPLOYMENT RATE (FEBRUARY): The previous NFP reading came in higher than expected (353K vs 187K) and the current expectation for February is 190K (Source: Bloomberg). If NFP comes in lower than 190K, this could push the GBPUSD price higher.
● EVENT (TUESDAY, MARCH 12 AT 13:30 GMT): US INFLATION (FEBRUARY): The last reading showed a decrease from 3.4% to 3.1% which shows a declining trend in inflation. If the latest reading comes in lower than expected (3.1%), this could push the GBPUSD price higher.
● EVENT (FEDERAL RESERVE INTEREST RATE DECISION - MARCH 20, 2024): The Fed has kept interest rates at 5.5% since July 2023 and markets are expecting rates to remain unchanged at the March meeting. Markets will be focused on Fed Chairman Powell’s speech after the meeting for indications and guidance as to when interest rate cuts can be expected.
● EVENT (THURSDAY, MARCH 21, 2024, 12:00 GMT): BANK OF ENGLAND INTEREST RATE DECISION: The Bank of England is expected to keep rates unchanged at 5.25% at the current meeting with Goldman Sachs and JP Morgan predicting the first cut in May and August, respectively. If the Bank of England keeps rates unchanged and the United States starts cutting rates, this could push the GBPUSD pair higher.
GBPUSD, March 4, 2024
Current Price:1.267
|
GBP/USD |
Weekly |
|
Trend direction |
|
|
1.350 |
|
|
1.320 |
|
|
1.290 |
|
|
1.245 |
|
|
1.240 |
|
|
1.235 |
Example of calculation based on weekly trend direction for 1.00 Lot
|
Pivot Points |
||||||
|
Profit or loss in $ |
8,300.00 |
5,300.00 |
2,300.00 |
-2,200.00 |
-2,700.00 |
-3,200.00 |
|
Profit or loss in €² |
7,648.82 |
4,884.18 |
2,119.55 |
-2,027.40 |
-2,488.17 |
-2,948.94 |
|
Profit or loss in £² |
6,547.63 |
4,181.01 |
1,814.40 |
-1,735.52 |
-2,129.95 |
-2,524.39 |
|
Profit or loss in C$² |
11,256.88 |
7,188.13 |
3,119.38 |
-2,983.75 |
-3,661.87 |
-4,340.00 |
1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 10:35 (GMT) 4/03/2024
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