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GBP/USD

Market Opportunities - 22/07/2021

22 July, 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.

GBP/USD Weekly downtrend opportunity based on 1.00 Lot Calculation:

  • EVENT: Wednesday, July 28, 07:30 PM GMT+1 – U.S. Federal Reserve Press Conference after the regular monetary policy meeting. Inflation is transitory according to some Fed officials, but also “uncomfortably high”. The interpretation of the economic data by the Fed is important so a major focus of investors will be on the Fed’s view, forward guidance, as well as the wording of economic outlook going forward.
  • The UK's chief negotiator, David Frost, said that his country wants to renegotiate the Northern Irish protocol with the EU, while Brussels rejected any attempt to change the terms of the agreement. New Covid-19 cases are on the rise in the UK (between 40,000 - 50,000 a day), and hundreds of thousands of citizens are being asked to self-isolate for 10 days.

GBP/USD, July 22, 2021

Current Price: 1.3766

GBP/USD

Weekly

Trend Direction

DOWN

Resistance 3

1.3926

Resistance 2

1.3906

Resistance 1

1.3886

Support 1

1.3646

Support 2

1.3626

Support 3

1.3606

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 $

-1,600

-1,400

-1,200

1,200

1,400

1,600

Profit or loss Short in €**

-1,358

-1,188

-1,018

1,018

1,188

1,358

Profit or loss Short in £**

-1,165

-1,019

-874

874

1,019

1,165

Profit or loss Short in C$**

-2,011

-1,760

-1,508

1,508

1,760

2,011

* 1.00 lot is equivalent of 100,000 units

** Calculations for exchange rate used as of 09:10 am (GMT+1) 22/7/2021

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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