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.

GBP/USD

Market Opportunities - 03/11/2020

03 November, 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:

  • US Presidential elections are in the focus and Joe Biden with greater odds to win the Presidential nomination, which would probably weaken the dollar;
  • Post-Brexit trade talks continue and if France softens its stance on fisheries and a compromise is found on state aid, the pound could jump. Tomorrow morning, the UK Services PMI will be released ahead of the Bank of England’s monetary policy meeting;
  • There is a great chance that Governor Andrew Bailey will talk about the possibility of introducing negative interest rates. However, more bond-buying, as a more realistic scenario, would push the pound up.

GBP/USD, November 3, 2020
Current price: 1.2985

GBP/USD

Weekly

Trend Direction

UP

Resistance 3

1.3125

Resistance 2

1.3105

Resistance 1

1.3095

Support 1

1.2875

Support 2

1.2865

Support 3

1.2845

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 $

1,400

1,200

1,100

-1,100

-1,400

-1,600

Profit or loss Short in €**

1,197

1,026

941

-941

-1,197

-1,368

Profit or loss Short in £**

1,232

924

847

-847

-1,078

-1,232

Profit or loss Short in C$**

1,840

1,577

1,446

-1,446

-1,840

-2,103

* 1.00 lot is equivalent of 100,000 units
** Calculations for exchange rate used as of 09:50 (GMT) 11/3/2020
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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