Friday’s trade saw GBP/USD within the range of 1.4600-1.4693. The pair closed at 1.4625, shedding 0.31% on a daily basis. It has been the 27th drop in the past 46 trading days and also a second consecutive one. The daily low has been an almost exact test of the low from May 25th. In weekly terms, GBP/USD rose 0.86% last week. It has been the 12th gain in the past 21 weeks and also a second consecutive one. The major pair has pared its advance to 0.04% so far during the current month, following two consecutive months of gains.
At 7:24 GMT today GBP/USD was inching down 0.05% on the day to trade at 1.4615. The pair touched a daily high at 1.4631 during the mid phase of the Asian trading session, undershooting the daily R1 level, and a daily low at 1.4600 during early Asian trade.
No relevant macroeconomic reports and other events, which may influence GBP/USD trading, are scheduled on Monday.
UK Spring Bank Holiday
March 30th marks the Spring Bank Holiday in the United Kingdom. Banks in the country are to remain closed.
US Memorial Day
May 30th is the Memorial Day federal holiday, wherein the men and women, who lost their lives while serving in the United States Armed Forces are remembered. The holiday, celebrated every year on the final Monday of May, was previously known as Decoration Day and originated after the American Civil War in order to commemorate the Union and Confederate soldiers killed in the Civil War. Banks in the country are to remain closed.
Correlation with other Majors
Taking into account the business week ended on May 27th 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 (0.8021, or very strong)
GBP/USD to USD/CHF (0.2790, or weak)
GBP/USD to AUD/USD (-0.3797, or moderate)
GBP/USD to NZD/USD (-0.5471, or strong)
GBP/USD to EUR/USD (-0.5764, or strong)
GBP/USD to USD/CAD (-0.7646, or strong)
1. During the examined period GBP/USD moved almost equally in one and the same direction with USD/JPY.
2. GBP/USD moved strongly in the opposite direction compared to NZD/USD, EUR/USD and USD/CAD during the past week.
3. GBP/USD moved to a moderate extent in the opposite direction compared to AUD/USD.
4. The correlation between GBP/USD and USD/CHF 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 – 1.4634
R2 – 1.4642
R3 (range resistance) – 1.4651
R4 (range breakout) – 1.4676
S1 – 1.4616
S2 – 1.4608
S3 (range support) – 1.4599
S4 (range breakout) – 1.4574
By using the traditional method of calculation, the weekly pivot levels for GBP/USD are presented as follows:
Central Pivot Point – 1.4603
R1 – 1.4765
R2 – 1.4906
R3 – 1.5068
S1 – 1.4462
S2 – 1.4300
S3 – 1.4159
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
