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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. 70% 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.

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Trade of the week: long GBP/USD

IG's Chris Beauchamp looks at GBP/USD, going long on the pair with a close above $1.2830, with a stop at $1.27.

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Forex United States dollar GBP/USD EUR/USD Pound sterling Euro
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

(AI Video Summary)

Previous EUR/USD trading outcome

In the latest epsiode of "Trade of the week" for the week of 5 August, Chris Beauchamp's focus shifts from a previously profitable short EUR/USD position to a new trading opportunity due to a dramatic shift caused by a weaker-than-expected US payrolls report.

This weak report spurred expectations of a significant Federal Reserve (Fed) interest rate cut in September, anticipated to be 50 basis points, impacting the US dollar strength and halting the EUR/USD short position.

This week's trading opportunity

Looking ahead, amid volatile equity and forex markets, Beauchamp suggests a long position in GBP/USD (cable), recommending entry if it rises above $1.2830, with a stop loss at $1.27 to manage risks in the uncertain market.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. Clients can lose more than they deposit. All trading involves risk.

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