GBP/USD

Special Reports - 07/05/2024

07 May, 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 (BANK OF ENGLAND INTEREST RATE DECISION - THURSDAY 9 MAY, 2024 - 12:00 GMT+1): The Bank of England is slated to make its decision on interest rate policy on May 9th 2024. The Bank has kept interest rates unchanged over the previous couple of meetings. The current sentiment is mixed among the Bank of England governing members and it is more likely that current high interest rates of 5.25% will remain unchanged in the near future. Contrasted with the expectation that the US Federal Reserve will start cutting rates in September this should weaken the dollar and as a result potentially strengthen the GBPUSD pair.

● EVENT (UK GDP Q1 2024 - FRIDAY 10 MAY, 2024 - 07:00 GMT+1): The United Kingdom is expected to post its GDP numbers for Q1 2024. The previous reading came in at -0.3% and the current expectation is that the print for Q1 will come in at 0.3%. Should it come in higher than this expected figure, this could potentially strengthen the GBPUSD pair.

● EVENT (US CPI APRIL - WEDNESDAY 15 MAY, 2024 - 13:30 GMT+1): The United States is expected to release its CPI inflation figures for the month of April on May 15th, 2024. Inflation is down significantly since its peak of 9.1% in July 2022 to 3.5% as of the latest reading. If the print comes in lower than expected this could weaken the dollar and push the GBPUSD pair higher.

GBPUSD, May 7, 2024
Current Price:1.254

GBP/USD	Weekly
Trend direction	UP
Resistance 3	1.300
Resistance 2	1.280
Resistance 1	1.264
Support 1	1.244
Support 2	1.240
Support 3	1.235

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	4,600.00	2,600.00	1,000.00	-1,000.00	-1,400.00	-1,900.00
Profit or loss in €²	4,272.43	2,414.85	928.79	-928.79	-1,300.31	-1,764.70
Profit or loss in £²	3,667.58	2,072.98	797.30	-797.30	-1,116.22	-1,514.87
Profit or loss in C$²	6,292.23	3,556.48	1,367.88	-1,367.88	-1,915.03	-2,598.96

1. 1.00 lot is equivalent of 100.000 units

2. Calculations for exchange rate used as of 12:45 (GMT+1) 7/05/2024

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
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