Friday’s trade saw GBP/USD within the range of 1.4194-1.4388. The pair closed at 1.4358, surging 1.09% compared to Thursdays close. It has been the 27th gain in the past 61 trading days and also a third consecutive one. The daily high has been the highest level since June 10th, when a high of 1.4474 was registered. In weekly terms, GBP/USD has added 0.70% to its value in the past week. It has been the 13th gain in the past 24 weeks. The major pair has neutralized earlier losses and is now up 0.59% so far in June, following a 0.92% drop in the prior month.
The sterling received support, as there has been a 7-point swing in favor of the “Remain” campaign. The implied probability that UK voters will support the EU membership on June 23rd has risen to 72% from 65% earlier.
At 7:12 GMT today GBP/USD was gaining 1.55% on the day to trade at 1.4582. The pair touched a daily high at 1.4623 during the mid phase of the Asian trading session, undershooting the weekly R2 pivot, and a daily low at 1.4470 during early Asian trade, almost immediately after gapping up.
No relevant macroeconomic reports and other events, which may influence GBP/USD trading, are scheduled on Monday (June 20th).
Correlation with other Majors
Taking into account the business week ended on June 17th 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 EUR/USD (0.8408, or very strong)
GBP/USD to NZD/USD (0.7613, or strong)
GBP/USD to AUD/USD (0.5851, or strong)
GBP/USD to USD/CAD (0.1346, or weak)
GBP/USD to USD/CHF (-0.2352, or weak)
GBP/USD to USD/JPY (-0.7673, or strong)
1. During the examined period GBP/USD moved almost equally in one and the same direction with EUR/USD.
2. GBP/USD moved strongly in one and the same direction with AUD/USD and NZD/USD during the past week, while moving strongly in the opposite direction compared to USD/JPY.
3. The correlation between GBP/USD and USD/CAD, GBP/USD and USD/CHF was insignificant.
Daily, Weekly and Monthly Pivot Levels
By employing the Camarilla calculation method, the daily pivot levels for GBP/USD are presented as follows:
R1 – 1.4376
R2 – 1.4394
R3 (range resistance) – 1.4411
R4 (range breakout) – 1.4465
S1 – 1.4340
S2 – 1.4322
S3 (range support) – 1.4304
S4 (range breakout) – 1.4251
By using the traditional method of calculation, the weekly pivot levels for GBP/USD are presented as follows:
Central Pivot Point – 1.4252
R1 – 1.4494
R2 – 1.4630
R3 – 1.4872
S1 – 1.4116
S2 – 1.3874
S3 – 1.3738
In monthly terms, for GBP/USD we have the following pivots:
Central Pivot Point – 1.4526
R1 – 1.4722
R2 – 1.4966
R3 – 1.5162
S1 – 1.4282
S2 – 1.4086
S3 – 1.3842
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