NEWS: GBP/USD price is falling -0.7%.The UK’s Composite and Services PMI’s for March were both reported to be weaker than analysts had forecasted.
Possible Scenarios:
If GBP/USD fails to breach through S1 of 1.37243, our Research Department expects the GBP/USD to undergo a short-term upward correction.
If GBP/USD manages to break below its S1 of 1.37243, our Research Department expects the GBP/USD to extend its losses to its S2 of 1.36975.
Support and Resistance Levels:
GBP/USD |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
1.36707 |
1.36975 |
1.37243 |
1.37600 |
1.37957 |
1.38225 |
1.38493 |
Potential Profit or Potential Loss Calculations:
10 pips per 1 trading lot* |
USD |
EUR** |
GBP*** |
||
(+/-) $100 |
(+/-) €84.13 |
(+/-) £72.81 |
*1 trading lot is equivalent of 100.000 units
**EUR/USD = 1.18868
***GBP/USD = 1.37348
Calculations for exchange rate used as of 14:43 (GMT+1) 07/04/2021