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Home » Forex and Currency News » Forex Market: GBP/USD daily trading outlook

Forex Market: GBP/USD daily trading outlook

Written by Miroslav Marinov
Miroslav Marinov
Miroslav Marinov, a financial news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market, as currently his focus is set on the major currencies of eight developed nations worldwide.
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Friday’s trade saw GBP/USD within the range of 1.4251-1.4438. The pair closed at 1.4387, rising 0.75% on a daily basis. It has been the 23rd gain in the past 50 trading days and also a third consecutive one. The daily high has been the highest level since February 16th, when a low of 1.4518 was registered. In weekly terms, GBP/USD has appreciated 1.12% during the past week, while extending the gains from the week ended on March 6th. GBP/USD has added 3.26% to its value so far during the current month, following four consecutive months of decline.

At 7:35 GMT today GBP/USD was edging down 0.10% for the day to trade at 1.4373. The pair touched a daily low at 1.4359 at 7:22 GMT, undershooting the daily S2 level, and a daily high at 1.4390 during the early phase of the Asian trading session.

No relevant macroeconomic reports and other events, which may influence GBP/USD trading, are scheduled on Monday.

Correlation with other Majors

Taking into account the week ended on March 11th and the daily closing levels of the major currency pairs, we come to the following conclusions in regard to the strength of relationship:

GBP/USD to AUD/USD (0.8397, or very strong)
GBP/USD to USD/JPY (0.7675, or strong)
GBP/USD to EUR/USD (0.7337, or strong)
GBP/USD to NZD/USD (0.2344, or weak)
GBP/USD to USD/CAD (-0.5869, or strong)
GBP/USD to USD/CHF (-0.8625, or very strong)

1. During the examined period GBP/USD moved strongly in one and the same direction with EUR/USD and USD/JPY, while moving strongly in the opposite direction compared to USD/CAD.

2. GBP/USD moved almost equally in one and the same direction with AUD/USD during the past week, while moving almost equally in the opposite direction compared to USD/CHF.

3. The correlation between GBP/USD and NZD/USD was insignificant during the period in question.

Daily and Weekly Pivot Levels

By employing the Camarilla calculation method, the daily pivot levels for GBP/USD are presented as follows:

R1 – 1.4404
R2 – 1.4421
R3 (range resistance) – 1.4438
R4 (range breakout) – 1.4490

S1 – 1.4370
S2 – 1.4353
S3 (range support) – 1.4336
S4 (range breakout) – 1.4284

By using the traditional method of calculation, the weekly pivot levels for GBP/USD are presented as follows:

Central Pivot Point – 1.4314
R1 – 1.4511
R2 – 1.4636
R3 – 1.4833

S1 – 1.4189
S2 – 1.3992
S3 – 1.3867

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