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. 76% 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 - 09/07/2024

09 July, 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: TUESDAY, JULY 9 AT 16:00 GMT+1: US FED CHAIR JEROME POWELL TESTIMONY. Mr. Powell will testify before the US Congress regarding the US economy, inflation, GDP and interest rate policy. At his last appearance on July 2, he said that the US economy is going through a path of disinflation. If this dovish stance is reiterated at the testimony this could increase chances for the US Fed to cut its interest rates sooner than later which could strengthen the GBPUSD pair.

● EVENT: THURSDAY, JULY 11 AT 13:30 GMT+1: US CPI DATA FOR JUNE. The United States will be reporting CPI data. The US CPI has been trending lower, well below its 2022 peak of 9.1%. The most recent print showed CPI at 3.3%. Should the CPI come in lower than expected, the USD can be expected to weaken which could provide support for the GBPUSD pair.

● EVENT: WEDNESDAY JULY 17 AT 07:00 GMT+1: UK CPI DATA FOR JUNE. The United Kingdom will be reporting CPI data. The most recent print showed CPI at 2.0% which is the Bank of England’s inflation target. Should the CPI come in higher than expected, the GBP may be expected to strengthen which could provide support for the GBPUSD pair.

EVENT: WEDNESDAY, JULY 31 AT 19:00 GMT+1: US FEDERAL RESERVE INTEREST RATE DECISION. The Federal Reserve Bank will meet on July 31, to set the Fed Funds rate target. According to the most recent estimates, analysts are expecting the Federal Reserve to hold interest rates at the current level of 5.50%, but chances have been rising for a September cut which could push the GBPUSD pair higher.

GBPUSD, JULY 9, 2024
Current Price: 1.280

GBP/USD

Weekly

Trend direction

UP

Resistance 3

1.320

Resistance 2

1.300

Resistance 1

1.289

Support 1

1.271

Support 2

1.265

Support 3

1.260

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

4,000.00

2,000.00

900.00

-900.00

-1,500.00

-2,000.00

Profit or loss in €²

3,693.89

1,846.94

831.12

-831.12

-1,385.21

-1,846.94

Profit or loss in £²

3,122.83

1,561.41

702.64

-702.64

-1,171.06

-1,561.41

Profit or loss in C$²

5,453.82

2,726.91

1,227.11

-1,227.11

-2,045.18

-2,726.91

1. 1.00 lot is equivalent of 100.000 units

2. Calculations for exchange rate used as of 08:50 (GMT+1) 09/07/2024

There is a possibility to use Stop-Loss and Take-Profit.

  • You may wish to consider closing your position in profit, even if it is lower than suggested one.
  • Trailing stop technique could protect the profit.
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