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EUR/GBP

Market Opportunities - 19/02/2021

19 February, 2021

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 WEEKLY downtrend opportunity based On 1.00 Lot Calculation:

  • EVENT: Tuesday, February 23 at 7:00 am GMT - The latest data from the UK labour market are expected (unemployment rate, wages and the number of newly unemployed people). The health situation in the UK has significantly improved since the beginning of this year. So positive surprises from the labour market are likely to happen. In the meantime, more than 15 million people in the UK got the first dose of Covid-19 vaccine;
  • EVENT: (Wednesday, February 24 at 07:00 am GMT) - The German Q4 GDP is expected to remain at the very low level of 0.1% indicating a slow recovery in the euro zone;
  • The British pound is strengthening as coronavirus cases and deaths continue falling in the UK, while the vaccination campaign continues at full speed;
  • The currency pair is in a strong downtrend that may continue.

EUR/GBP, February 19, 2021
Current price: 0.8677

EUR/GBP

Weekly

Trend Direction

DOWN

Resistance 3

0.8767

Resistance 2

0.8757

Resistance 1

0.8747

Support 1

0.8607

Support 2

0.8597

Support 3

0.8587

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

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

-1,260

-1,120

-980

980

1,120

1,260

Profit or loss Short in €**

-1,038

-923

-807

807

923

1,038

Profit or loss Short in £**

-900

-800

-700

700

800

900

Profit or loss Short in C$**

-1,592

-1,415

-1,238

1,238

1,415

1,592

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 10:30 AM (GMT) 19/2/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client 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 Client Manager for more details

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