GBP/USD

Special Reports - 02/07/2024

02 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 (UK GENERAL ELECTION - JULY 4, 2024): Prime Minister Rishi Sunak called a parliamentary election for July 4, which analysts said removed a degree of political uncertainty from the picture for traders. The opposition Labour Party has held a lead over the Conservatives of around 20 points in opinion polls since late 2021. Markets reacted positively to the announcement. This event could lend further support for the GBPUSD pair.

● EVENT: FRIDAY, JULY 5 AT 13:30 GMT+1: US NFP & UNEMPLOYMENT. The United States will be reporting NFP and Unemployment data later this week. Should NFP come in lower than expected and/or Unemployment come in higher than expected, this could weaken the USD and 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 may be expected to weaken which could provide support for the GBPUSD pair.

TECHNICAL REVIEW

The GBPUSD pair is currently trading at the lower end of a one month trading range between 1.2600 and 1.2800 (currently at 1.2620). The pair has not tended to stay at these levels for too long, bouncing back up to the 1.2800 level four times in a one month period. Should the GBPUSD pair rebound again to these levels this would present an upside potential of around 15%. However the price could also decline further.

Source: MT4 Platform

Please note that past performance does not guarantee future results.

GBPUSD, JULY 2, 2024
Current Price: 1.262

GBP/USD	Weekly
Trend direction	UP
Resistance 3	1.300
Resistance 2	1.280
Resistance 1	1.271
Support 1	1.253
Support 2	1.250
Support 3	1.248

Pivot Points	Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
Profit or loss in $	3,800.00	1,800.00	900.00	-900.00	-1,200.00	-1,400.00
Profit or loss in €²	3,546.11	1,679.73	839.87	-839.87	-1,119.82	-1,306.46
Profit or loss in £²	3,009.82	1,425.70	712.85	-712.85	-950.47	-1,108.88
Profit or loss in C$²	5,220.46	2,472.85	1,236.42	-1,236.42	-1,648.57	-1,923.33

1. 1.00 lot is equivalent of 100.000 units

2. Calculations for exchange rate used as of 09:50 (GMT+1) 02/07/2024

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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