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 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.

GBP/USD

Special Reports - 12/02/2024

12 February, 2024

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 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 Special Report based On 1.00 Lot Calculation:

· EVENT (US INFLATION CPI - February 13, 2024, 13:30 GMT): The United States is expected to release its CPI inflation figures for the month of January on February 13, 2024. Inflation has been steadily falling since its peak of 9.1% in July 2022 to 3.4% as of the latest reading. If the print comes in lower than expected this could weaken the dollar and push the GBPUSD pair higher.

· EVENT (UK INFLATION CPI - February 14, 2024, 07:00 GMT): The United Kingdom is expected to release its CPI print for the month of January Year-on-Year. The previous print came in higher than the expected 3.8% at 4.0%. Bank of England officials have stated that interest rates will most likely need to stay higher for longer which could push the GBPUSD pair higher.

· EVENT (UK GDP Q4 2023 - February 15, 2024, 07:00 GMT): The United Kingdom is expected to release its GDP print for the month of January. The previous print came in lower than the expected at 0.0% at -0.1%. If the upcoming print comes in higher than expected, this would imply that interest rates will need to stay higher for longer which could push the GBPUSD pair higher.

· EVENT (US Q4 2023 GDP - February 28, 2024 13:30 GMT): The United States is expected to release its GDP figures for the fourth quarter of 2023 on February 28, 2024. At the last reading, which was a preliminary reading, GDP came in higher than expected (3.3% vs 2.0%). If the upcoming print comes in lower than expected this could weaken the dollar and push the GBPUSD pair higher.

· EVENT (US PCE Index - February 29, 2029 13:30 GMT): The United States is expected to release its PCE Index figures for the month of January on February 29, 2024. The PCE index is the Federal Reserve’s preferred measure of inflation. At the last reading, the PCE index came in lower than expected (2.9% vs 3.0%). If the upcoming print comes in lower than expected again this could weaken the dollar and push the GBPUSD pair higher.

GBPUSD, February 12th, 2024
Current Price:1.262

GBP/USD

Weekly

Trend direction

UP

Resistance 3

1.350

Resistance 2

1.320

Resistance 1

1.285

Support 1

1.240

Support 2

1.230

Support 3

1.220

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

8,840.00

5,840.00

2,340.00

-2,160.00

-3,160.00

-4,160.00

Profit or loss in €²

8,208.71

5,422.95

2,172.89

-2,005.75

-2,934.33

-3,862.92

Profit or loss in £²

7,005.64

4,628.16

1,854.43

-1,711.79

-2,504.28

-3,296.77

Profit or loss in C$²

11,901.73

7,862.68

3,150.46

-2,908.12

-4,254.47

-5,600.82

1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 11:50 (GMT) 12/02/2024
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
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