CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.

GBP/USD

Market Opportunities - 06/08/2020

06 August, 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 BoE will deliver their August Monetary Statement on meeting scheduled for Thursday. Changes of quantitative easing or interest rates are not expected.
  • A surge in coronavirus cases across several U.S. states and data showed job growth in the U.S. private sector slowed sharply last month and pushed the US dollar further down. U.S. private sector employment increased by 167,000 jobs in July. The reading was far below the forecasts.

GBP/USD, August 06, 2020
Current Price: 1.31448

GBP/USD

Daily

Trend direction

UP

Resistance 3

1.33506

Resistance 2

1.32621

Resistance 1

1.32006

Support 1

1.30918

Support 2

1.30373

Support 3

1.29495

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

GBP/USD

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

2,058.00

1,173.00

558.00

-530.00

-1,075.00

-1,953.00

Profit or loss in €**

1,730.43

986.29

469.18

-445.64

-903.89

-1,642.14

Profit or loss in £**

1,565.64

892.37

424.50

-403.20

-817.81

-1,485.76

Profit or loss in C$**

2,727.12

1,554.38

739.42

-702.32

-1,424.51

-2,587.98

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 09:30 (GMT+1) 06/08/2020
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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