GBP/USD Weekly Special Report based on 1.00 Lot Calculation:
- WEDNESDAY, OCTOBER 30 AT 12:30 GMT: US GROSS DOMESTIC PRODUCT (GDP) (Q3): Data is expected to show economic growth in Q3 of 3%, compared to the 3% growth rate in Q2. If data comes in lower than expected, the US dollar could come under negative pressure, while the pair GBP/USD could rise in value.
- FRIDAY, NOVEMBER 1, AT 12:30 GMT: US NONFARM PAYROLLS AND UNEMPLOYMENT RATE (OCTOBER): The US labor market has seen some weakness over the past months, with the unemployment rate at a high level (4.1%). This is creating a headache for the US Federal Reserve ahead of the November meeting and next data could provide better clues as to whether the Fed might be more aggressive in cutting interest rates in the coming months. Another month of negative US employment data could keep the dollar under negative pressure.
- FRIDAY, NOVEMBER 1, AT 14:00 GMT: U.S ISM MANUFACTURING PURCHASING MANAGERS INDEX (PMI) (OCTOBER): The U.S is reporting its PMI figure for the month of October. The monthly PMI data from last month of September came out at 47.2 same as in September. If it comes below the expected 47.5 for October, the US Dollar could face downward pressure.
- TUESDAY, NOVEMBER 5: US PRESIDENTIAL ELECTIONS. UNCERTAINTIES RISE AS POLLS SHOW NO CANDIDATE NEITHER DONALD TRUMP NOR KAMALA HARRIS AS A CLEAR FAVORITE TO WIN THE ELECTIONS. The US dollar is expected to rise in volatility as both candidates are expected to bring something new in terms of a policy once and if elected.
- THURSDAY, NOVEMBER 7, AT 18:00 GMT: US FEDERAL RESERVE INTEREST RATE DECISION. Following the recent higher than expected U.S. retail sales data, markets have quickly adjusted to anticipate a rate cut approach at the November meeting. Investors are pricing in a 92% chance for a Federal Reserve rate cut in November. This cut could put the US dollar under negative pressure.
GBPUSD, OCTOBER 28, 2024
Current Price: 1.2980
|
GBP/USD |
Weekly |
|
Trend direction |
|
|
1.3400 |
|
|
1.3250 |
|
|
1.3100 |
|
|
1.2870 |
|
|
1.2830 |
|
|
1.2800 |
Example of calculation based on weekly trend direction for 1.00 Lot1
|
GBP/USD |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
4,200.00 |
2,700.00 |
1,200.00 |
-1,100.00 |
-1,500.00 |
-1,800.00 |
|
Profit or loss in €² |
3,883.66 |
2,496.64 |
1,109.62 |
-1,017.15 |
-1,387.02 |
-1,664.42 |
|
Profit or loss in £² |
3,233.98 |
2,078.99 |
923.99 |
-846.99 |
-1,154.99 |
-1,385.99 |
|
Profit or loss in C$² |
5,835.48 |
3,751.38 |
1,667.28 |
-1,528.34 |
-2,084.10 |
-2,500.92 |
1. 1.00 lot is equivalent of 100.000 units
2. Calculations for exchange rate used as of 12:50 (GMT) 28/10/2024
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.