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GBP/USD

Market Opportunities - 31/07/2020

31 July, 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.

GBP/USD uptrend opportunity based On 1.00 Lot Calculation:

  • The pound continues to rise, taking advantage of the weakness of the US dollar. Many traders are also counting on the conclusion of the Brexit trade agreement, as such will strengthen the position of the pound in the world market in the future.
  • There was not a single important economic report in the UK this week, nevertheless, there was also little other news. Thus, the markets are still trading this instrument based on US statistics and news from this country. And this news is so bad that the US dollar may not start growing.

GBP/USD, July 31, 2020
Current Price: 1.3130

GBP/USD

Weekly

Trend Direction

UP

Resistance 3

1.3460

Resistance 2

1.3370

Resistance 1

1.3270

Support 1

1.2990

Support 2

1.2890

Support 3

1.2800

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

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 13:30 (GMT+1) 31/07/2020
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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