Friday's trade saw GBP/BGN within the range of 2.4741-2.5145. The pair closed at 2.5103, surging 1.14% on a daily basis. It has been the 14th gain in the past 22 trading days and also the sharpest one since October 22nd 2015, when the pair advanced 1.90%. The daily high has been the highest level since March 18th, when a high of 2.5163 was registered. In weekly terms, GBP/BGN added 2.02% to i ts value during the current week. It has been the 5th gain in the past 16 weeks, a second consecutive one and also the steepest one since the week ended on October 25th, when the cross surged 2.17%. The exotic pair has appreciated 1.78% so far during the current month, following four successive months of decline. In March the pair went down 1.40%.
No relevant macroeconomic reports and other events, which may influence GBP/BGN trading, are scheduled on Monday (April 25th).
Correlation with other currency pairs
Taking into account the business week ended on April 22nd and the daily closing levels of the currency pairs involved, we come to the following conclusions in regard to the strength of relationship:
GBP/BGN to USD/JPY (0.9829, or very strong)
GBP/BGN to DKK/BGN (0.8957, or very strong)
GBP/BGN to USD/BGN (0.8269, or very strong)
GBP/BGN to USD/CHF (0.7748, or strong)
GBP/BGN to GBP/USD (0.7520, or strong)
GBP/BGN to USD/CAD (-0.4957, or moderate)
GBP/BGN to CHF/BGN (-0.5343, or strong)
GBP/BGN to AUD/USD (-0.5465, or strong)
GBP/BGN to NZD/USD (-0.6669, or strong)
GBP/BGN to EUR/USD (-0.8157, or very strong)
1. During the examined period GBP/BGN moved strongly in one and the same direction with GBP/USD and USD/CHF.
2. GBP/BGN moved strongly in the opposite direction compared to CHF/BGN, AUD/USD and NZD/USD during the week.
3. GBP/BGN moved almost equally in one and the same direction with USD/BGN, DKK/BGN and USD/JPY during the period in question. This relationship has been the most pronounced between GBP/BGN and USD/JPY.
4. GBP/BGN moved almost equally in the opposite direction compared to EUR/USD during the week.
Daily and Weekly Pivot Levels
By employing the traditional calculation method, the Monday pivot levels for GBP/BGN are presented as follows:
Central Pivot Point – 2.4996
R1 – 2.5252
R2 – 2.5400
R3 – 2.5656
S1 – 2.4848
S2 – 2.4592
S3 – 2.4444
By using the traditional method of calculation again, the weekly pivot levels for GBP/BGN are presented as follows:
Central Pivot Point – 2.4901
R1 – 2.5347
R2 – 2.5590
R3 – 2.6036
S1 – 2.4658
S2 – 2.4212
S3 – 2.3969
Source → Forex Market: GBP/BGN trading outlook for April 25th