CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% 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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

GBPUSD

Market Opportunities - 04/05/2022

04 May, 2022

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.

GBPUSD Weekly uptrend opportunity based on 1 Lot Calculation:

  • EVENT: Friday, May 6, 13:30 GMT+1 – US Non-farm payroll for April. The US economy is expected to have added (only) 394,000 jobs last month. Today, ADP data showed a surprising deceleration in the number of newly created jobs in the US. ADP is a private organization that published its monthly estimate of the US jobs market two days before the official data;

  • The GBP/USD dropped last week to its lowest level since July 2020 and it technically oversold, which points to a recovery of the currency pair.

GBPUSD, May 4, 2022
Current Price: 1.2472

GBP/USD

Weekly

Trend Direction

UP

Resistance 3

1.2682

Resistance 2

1.2652

Resistance 1

1.2622

Support 1

1.2322

Support 2

1.2292

Support 3

1.2262

Example of calculation based on weekly trend direction for 1 Lot1

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss Short in $

2,100

1,800

1,500

-1,500

-1,800

1,600

Profit or loss Short in €2

1,995

1,710

1,425

-1,425

-1,710

1,448

Profit or loss Short in £2

1,679

1,439

1,199

-1,199

-1,439

1,217

Profit or loss Short in C$2

2,691

2,307

1,922

-1,922

-2,307

2,018

1. 1 lot is equivalent of 100,000 units
2. Calculations for exchange rate used as of 13:20 (GMT+1) 4/5/2022

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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