Forex Market: GBP/BGN trading outlook for February 8th

Written by 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.

, | Updated: October 30, 2024

Friday’s trade saw GBP/BGN within the range of 2.5321-2.5498. The pair closed at 2.5436, inching down 0.08% on a daily basis. It has been the sixth drop in the past ten trading days and also a fourth consecutive one. In addition, the daily low has been the lowest level since January 21st, when a low of 2.5249 was reached. In weekly terms, GBP/BGN lost 1.12% of its value during the current week. It has been the 10th drop in the past 11 weeks, a second consecutive one and also the sharpest one since the business week ended on January 17th, when GBP/BGN went down 1.76%. The pair has depreciated 1.15% so far during the current month, following two successive months of decline. In January GBP/BGN fell 3.09%.

No relevant macroeconomic reports and other events, which may influence GBP/BGN trading, are scheduled on Monday (February 8th).

Correlation with other currency pairs

Taking into account the week ended on February 5th 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/CHF (0.9710, or very strong)
GBP/BGN to USD/JPY (0.9521, or very strong)
GBP/BGN to USD/BGN (0.9266, or very strong)
GBP/BGN to USD/CAD (0.5163, or strong)
GBP/BGN to DKK/BGN (0.1469, or weak)
GBP/BGN to AUD/USD (-0.2809, or weak)
GBP/BGN to CHF/BGN (-0.3329, or moderate)
GBP/BGN to GBP/USD (-0.5791, or strong)
GBP/BGN to NZD/USD (-0.7491, or strong)
GBP/BGN to EUR/USD (-0.9311, or very strong)

1. During the examined period GBP/BGN moved almost equally in one and the same direction with USD/BGN, USD/JPY and USD/CHF. This relationship has been the most pronounced between GBP/BGN and USD/CHF.

2. GBP/BGN moved almost equally in the opposite direction compared to EUR/USD during the week.

3. GBP/BGN moved strongly in one and the same direction with USD/CAD during the period in question, while moving strongly in the opposite direction compared to GBP/USD and NZD/USD.

4. The correlation between GBP/BGN and DKK/BGN, GBP/BGN and AUD/USD was insignificant.