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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 1.4041-1.4140. The pair closed at 1.4124, going up 0.48% on a daily basis. It has been the 31st gain in the past 70 trading days and also the steepest one since March 29th, when the pair went up 0.92%. The daily low has been a lower-low test of the low from April 7th. In weekly terms, GBP/USD lost 0.72% of its value during the past week. It has been the 7th drop in the past 14 weeks. GBP/USD has dropped 1.65% so far during the current month, following a 3.20% surge in March.

At 6:27 GMT today GBP/USD was inching down 0.02% for the day to trade at 1.4127. The pair touched a daily high at 1.4145 at 5:19 GMT, overshooting the daily R2 level, and a daily low at 1.4108 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 April 8th 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 USD/JPY (0.8655, or very strong)
GBP/USD to NZD/USD (0.8195, or very strong)
GBP/USD to USD/CHF (0.7698, or strong)
GBP/USD to AUD/USD (0.7291, or strong)
GBP/USD to EUR/USD (0.2593, or weak)
GBP/USD to USD/CAD (-0.1039, or weak)

1. During the examined period GBP/USD moved strongly in one and the same direction with AUD/USD and USD/CHF.

2. GBP/USD moved almost equally in one and the same direction with NZD/USD and USD/JPY during the past week.

3. The correlation between GBP/USD and USD/CAD, GBP/USD and EUR/USD was insignificant.

Daily and Weekly Pivot Levels

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

R1 – 1.4133
R2 – 1.4142
R3 (range resistance) – 1.4151
R4 (range breakout) – 1.4178

S1 – 1.4115
S2 – 1.4106
S3 (range support) – 1.4097
S4 (range breakout) – 1.4070

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

Central Pivot Point – 1.4151
R1 – 1.4295
R2 – 1.4466
R3 – 1.4610

S1 – 1.3980
S2 – 1.3836
S3 – 1.3665

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