GBP/USD Correlations

GBP/USD under performance Vs EUR/USD and tight ranges is attributable to correlations in relation to counterpart pairs. GBP/EUR is a vital pair in the GBP universe yet it correlates to GBP/USD 0.11%. GBP/JPY is the best correlation at 77% followed by GBP/NZD at 30%. Even GBP/CAD, the “Carney Cross” negatively correlates at minus 0.02%. GBP/AUD and GBP/CHF further follow negative correlations at minus 0.07% and minus 0.27%. GBP/SEK is positive 0.28% yet GBP/NOK and GBP/ZAR shares negative correlations at minus 0.02% and minus 28%. Of 10 pairs, 4 are positive and 6 negative. Of the positive correlations, 3 pairs are weak and far below 50& while GBP/JPY remains strong at 77%.

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