Friday’s trade saw GBP/BGN within the range of 2.5147-2.5336. The pair closed at 2.5292, edging down 0.06% on a daily basis. It has been the 11th drop in the past 22 trading days and also a second consecutive one. The daily low has been the lowest level since March 2nd, when a low of 2.5022 was registered. In weekly terms, GBP/BGN added 1.99% to its value during the current week. It has been the 3rd gain in the past 9 weeks and also the sharpest one since the week ending on October 25th, when the pair appreciated 2.17%. GBP/BGN has gone up 1.03% so far during the current month, following three successive months of decline. In February GBP/BGN went down 2.69%, or the lowest monthly drop since September 2015.
No relevant macroeconomic reports and other events, which may influence GBP/BGN trading, are scheduled on Monday (March 7th).
USD/BGN, on the other hand, closed the current week at 1.7777, shedding 0.41% on a daily basis. It has been the 9th drop in the past 22 trading days and also a third consecutive one. The daily low of 1.7709 has been the lowest level since February 26th, when the pair went down as low as 1.7667. USD/BGN lost 0.56% of its value during the current week, while marking its 5th drop in the past 9 weeks. The pair has slumped 1.17% so far in March, following a 0.37% decrease in February.
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 – 2.5258
R1 – 2.5370
R2 – 2.5447
R3 – 2.5559
S1 – 2.5181
S2 – 2.5069
S3 – 2.4992
By using the traditional method of calculation again, the weekly pivot levels for GBP/BGN are presented as follows:
Central Pivot Point – 2.5161
R1 – 2.5565
R2 – 2.5838
R3 – 2.6242
S1 – 2.4888
S2 – 2.4484
S3 – 2.4211
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