EUR/GBP weekly special report based On 1.00 Lot Calculation:
·EVENT (Thursday, March 16 at 14:15 GMT): European Central Bank interest rate decision. The European central bank benchmark interest rate stands at 3%. Higher than expected inflation in major EU economies such as Germany, France and Spain imply that the European Central Bank will continue to increase its benchmark interest rate beyond March. According to the latest remarks from ECB officials, a peak in the benchmark interest rate could be expected no earlier than the end of 2024.
·EVENT (Friday, March 17 at 11:00 GMT): Eurozone CPI and Core CPI. Inflation in the eurozone still remains an issue. Last figures showed that yearly inflation in the EU stands at 8.5% well above European Central Banks target of 2%.
·EVENT (Wednesday, March 22 at 08:00 GMT): UK CPI and Core CPI. According to last announced figures, year on year inflation in the UK was 10.1%. Market expectation is that February inflation will be around 10.3%
·EVENT (Thursday, March 23 at 13:00 GMT): Bank of England interest rate decision. Currently, the Bank of England interest rate decision stands at 4%. Current market forecasts imply that the BoE interest rate will not be changed in an upcoming meeting.
·TECHNICAL ANALYSIS: Relative Strength Index indicator on graph imply that EURGBP is on the deep oversold area which could lead to an upward trend reversion. However, the price could decline further.
EURGBP, March 16, 2023
Current Price:0.8787
|
EUR/GBP |
Weekly |
|
Trend direction |
|
|
0.8980 |
|
|
0.8930 |
|
|
0.8890 |
|
|
0.8690 |
|
|
0.8650 |
|
|
0.8600 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
2,349 |
1,741 |
1,254 |
-1,181 |
-1,668 |
-2,276 |
|
Profit or loss in €² |
2,194 |
1,626 |
1,171 |
-1,103 |
-1,557 |
-2,126 |
|
Profit or loss in £² |
1,930 |
1,430 |
1,030 |
-970 |
-1,370 |
-1,870 |
|
Profit or loss in C$² |
3,222 |
2,387 |
1,719 |
-1,619 |
-2,287 |
-3,122 |
1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 09:06 (GMT) 16/3/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient 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 ManagerClient Manager for more details