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 - 15/09/2020

15 September, 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 downtrend opportunity based On 1.00 Lot Calculation:

  • The GBP rose on Tuesday following better-than-expected jobs data but the market sentiment is still bearish and the main opinion is that this bounce was short time and likely to be temporary. Despite the rise, the pound may continue to face downward pressure.
  • The GBP has been falling since last week due to increasing worries about a post-Brexit trade deal between the UK and the European union. During last week, there was no improvement in negotiations which only may provide additional downward pressure to the British pound.
  • Prime Minister Boris Johnson, who has a majority of 80 in the House of Commons, won on Monday the so-called second reading vote on the bill that the EU says would collapse trade talks and propel the United Kingdom towards a messy Brexit.
  • According to the Technical analysis, the GBP/USD pair is in the strong downtrend movement after it reached multi month high in early September. Despite today’s increase, the pair didn’t manage to break above the negative trend line suggesting the downside trend will continue. The pair price is below the 20-day and 50-day Moving average and RSI is below pivot point of 50, both indicators meaning that the negative trend is currently strong. If the pair price manages to stay below negative trend line, there is a possibility that the GBP/USD may decrease toward Support 1 level of 1.2809.

GBP/USD September 15, 2020
Current Price: 1.2920

GBP/USD

Weekly

Trend direction

DOWN

Resistance 3

1.3253

Resistance 2

1.3142

Resistance 1

1.3031

Support 1

1.2809

Support 2

1.2698

Support 3

1.2587

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

GBP/USD

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

-3,330.00

-2,220.00

-1,110.00

1,110.00

2,220.00

3,330.00

Profit or loss in €*

-2,802.04

-1,868.03

-934.01

934.01

1,868.03

2,802.04

Profit or loss in £**

-2,583.22

-1,722.15

-861.07

861.07

1,722.15

2,583.227

Profit or loss in C$

-4,379.48

-2,919.66

-1,459.83

1,459.83

2,919.66

4,379.48

* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 12:10 (GMT+1) 15/09/2020
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account Manager regarding their use.
*** Please 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

Share It With Your Network
Pound - US Dollar Chart
Update Time: -
Highest
Lowest
1M 5M H D W
Prices are loading..
Ready for trading?Start Now