GBPUSD price is falling -0.6%

Fast Moving Market - 16/10/2024

16 October, 2024

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

NEWS: GBPUSD price is falling -0.6%, as the British inflation rate fell to 1.7%, below the forecasted 1.9%, the likelihood of further rate cuts in the UK has increased.

Possible Scenarios:

If GBPUSD fails to breach through Reference Price of 1.29878, our Research Department expects the GBPUSD to undergo a short- term upward correction.

If GBPUSD manages to break below its Reference Price of 1.29878, our Research Department expects the GBPUSD to extend its losses to its S1 of 1.29662.

Support and Resistance Levels:

GBPUSD	S3	S2	S1	Reference Price	R1	R2	R3
GBPUSD	1.29337	1.29499	1.29662	1.29878	1.30094	1.30257	1.30419

Potential Profit or Potential Loss Calculations:

10 pips per 1 trading lot*	USD	EUR**	GBP***
10 pips per 1 trading lot*	(+/-) $100	(+/-) €91.94	(+/-) £76.98

*1 trading lot is equivalent of 100.000 units
**EUR/USD = 1.08768
***GBP/USD = 1.29898
Calculations for exchange rate used as of Wednesday, October 16, 2024, 9:00: AM

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