NEWS: GBPUSD price increased 0.4%. The British Pound is rallying after 4th Quarter GDP was reported to be stronger than forecast. It printed at 1.3%, Month-over-Month. The pace of vaccinations is also going very well in the UK with 50% of the population now vaccinated.
Possible Scenarios:
If GBPUSD fails to breach through R2 of 1.37783, our Research Department expects the GBPUSD to undergo a short- term downward correction.
If GBPUSD manages to break above its R2 of 1.37783, our Research Department expects the GBPUSD to extend its gains to its R3 of 1.38014.
Support and Resistance Levels:
GBPUSD |
S3 |
S2 |
S1 |
Reference Price |
R1 |
R2 |
R3 |
1.36470 |
1.36702 |
1.36933 |
1.37242 |
1.37551 |
1.37782 |
1.38014 |
Potential Profit or Potential Loss Calculations:
10 pips per 1 trading lot* |
USD |
EUR** |
GBP*** |
(+/-)100$ |
(+/-)85.26€ |
(+/-)72.58£ |
*1 trading lot is equivalent of 100.000 units
** EUR/USD = 1.17284
*** GBP/USD = 1.37774
Calculations for exchange rate used as of 11:27 (GMT) 31/3/2021