EUR/GBP weekly special report based On 1.00 Lot Calculation:
·ECONOMIC ACTIVITY IN THE UK IS SLOWING DOWN: On May 23, 2023, UK’s Composite PMI, Service PMI and Manufacturing PMI was below its market expectations, hence it could reflect negatively on British pound.
·EVENT Thursday (June 1 at 10:00 GMT+1): Eurozone, Consumer Price Index (CPI). CPI is an indicator for inflation. In recent announcements, European Central Bank officials indicate that inflation still remains a problem and that there is a possibility that, European Central Bank will continue with rising interest rates.
·TECHNICAL ANALYSIS: The 10- Day Relative Strength Index (RSI) shows the pair trades in oversell territory, which could imply that the price of this currency pair may start an upward correction. However, the price could decline further.
EURGBP, May 24, 2023
Current Price:0.8696
|
EUR/GBP |
Weekly |
|
Trend direction |
|
|
0.9000 |
|
|
0.8900 |
|
|
0.8790 |
|
|
0.8610 |
|
|
0.8550 |
|
|
0.8500 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
3,771 |
2,531 |
1,166 |
-1,067 |
-1,811 |
-2,432 |
|
Profit or loss in €² |
3,495 |
2,345 |
1,081 |
-989 |
-1,678 |
-2,253 |
|
Profit or loss in £² |
3,040 |
2,040 |
940 |
-860 |
-1,460 |
-1,960 |
|
Profit or loss in C$² |
5,106 |
3,426 |
1,579 |
-1,444 |
-2,452 |
-3,292 |
1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 13:48 (GMT+1) 24/5/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient Managerregarding 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 Managerfor more details