Yesterday’s trade saw GBP/USD within the range of 1.4219-1.4503. The pair closed at 1.4474, surging 1.50% on a daily basis. It has been the 25th gain in the past 54 trading days, a second consecutive one and also the sharpest one since October 14th 2015. The daily high has been the highest level since February 16th, when a high of 1.4518 was registered. GBP/USD has extended gains to 3.87% so far during the current month.
At 7:23 GMT today GBP/USD was edging down 0.15% for the day to trade at 1.4453. The pair touched a daily low at 1.4444 at 7:15 GMT, overshooting the daily S1 level, and a daily high at 1.4497 during the early phase of the Asian trading session.
On Friday GBP/USD trading may be influenced by the following macroeconomic reports as listed below.
Fundamentals
United Kingdom
BoE Quarterly Bulletin
At 12:00 GMT Bank of England is expected to release its Quarterly Bulletin, which contains regular commentary on market conditions and monetary policy operations.
United States
Reuters/Michigan Consumer Sentiment Index – preliminary reading
The monthly survey by Thomson Reuters and the University of Michigan may show that consumer confidence in the United States improved in March. The preliminary reading of the corresponding index, which usually comes out two weeks ahead of the final data, probably rose to 92.2 during the current month from a final reading of 91.7 in February. The latter came well above the preliminary reading of 90.7, which was reported on February 12th. If expectations were met, Marchs reading would be the highest since December 2015, when a level of 92.6 was reported.
The sub-index of current economic conditions advanced to a final reading of 106.8 from a preliminary 105.8 in February, and also up from a final 106.4 in the preceding month.
The sub-index of consumer expectations came in at a reading of 81.9, up from a preliminary value of 81.0 in February, but down from a final reading of 82.7, registered in January.
Participants in the February survey expected that the rate of inflation will be at 2.5% during the next year, or matching the rate in the preliminary release and also the one in the January survey.
In case the gauge of consumer sentiment increased at a steeper pace than projected in March, this would have a moderate-to-strong bullish effect on the greenback. The preliminary reading is due out at 14:00 GMT.
Daily and Weekly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for GBP/USD are presented as follows:
R1 – 1.4500
R2 – 1.4526
R3 (range resistance) – 1.4552
R4 (range breakout) – 1.4630
S1 – 1.4448
S2 – 1.4422
S3 (range support) – 1.4396
S4 (range breakout) – 1.4318
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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