CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

EUR/GBP

Market Opportunities - 06/10/2020

06 October, 2020

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 opportunity for 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.

EUR/GBP a downtrend opportunity based On 1.00 Lot Calculation:

  • Post-Brexit negotiations continue after conversations at a high level held over the weekend. The deadline for the EU-UK deal has been extended by the end of October indicating the commitment of the two sides to come to an agreement.
  • Technically, the currency pair is in the downtrend.

EUR/GBP, October 6, 2020
Current price: 0.9078

EUR/GBP

Weekly

Trend direction

DOWN

Resistance 3

0.9218

Resistance 2

0.9198

Resistance 1

0.9178

Support 1

0.8978

Support 2

0.8958

Support 3

0.8938

Example of calculation based on weekly trend direction for 1.00 Lot*

EUR/GBP

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-1,815

-1,556

-1,297

1,297

1,556

1,815

Profit or loss Short in €**

-1,542

-1,322

-1,101

1,101

1,322

1,542

Profit or loss Short in £**

-1,400

-1,200

-1,000

1,000

1,200

1,400

Profit or loss Short in C$**

-2,408

-2,064

-1,720

1,720

2,064

2,408

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 09:15 (GMT+1) 6/10/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Senior Account Manager for more details

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