Friday’s trade saw GBP/BGN within the range of 2.4909-2.5288. The pair closed at 2.5208, soaring 0.87% on a daily basis. It has been the 13th gain in the past 21 trading days and also the steepest one since March 2nd, when the pair added 0.92%. The daily low has been a higher-low test of the low from March 10th. In weekly terms, GBP/BGN lost 0.33% of its value during the current week. It has been the 7th drop in the past 10 weeks. GBP/BGN has gone up 0.74% 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 14th).
Correlation with other currency pairs
Taking into account the week ended on March 11th 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 CHF/BGN (0.9565, or very strong)
GBP/BGN to USD/BGN (0.8299, or very strong)
GBP/BGN to USD/CHF (0.7002, or strong)
GBP/BGN to NZD/USD (0.5514, or strong)
GBP/BGN to AUD/USD (0.1014, or weak)
GBP/BGN to USD/JPY (0.0665, or very weak)
GBP/BGN to GBP/USD (-0.2513, or weak)
GBP/BGN to USD/CAD (-0.2667, or weak)
GBP/BGN to DKK/BGN (-0.7087, or strong)
GBP/BGN to EUR/USD (-0.8414, or very strong)
1. During the examined period GBP/BGN moved almost equally in one and the same direction with USD/BGN and CHF/BGN, while moving almost equally in the opposite direction compared to EUR/USD.
2. GBP/BGN moved strongly in one and the same direction with NZD/USD and USD/CHF during the week, while moving strongly in the opposite direction compared to DKK/BGN.
3. GBP/BGN moved almost independently compared to USD/JPY during the period in question.
4. The correlation between GBP/BGN and AUD/USD, GBP/BGN and GBP/USD, GBP/BGN and USD/CAD was insignificant.
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 – 2.5135
R1 – 2.5361
R2 – 2.5514
R3 – 2.5740
S1 – 2.4982
S2 – 2.4756
S3 – 2.4603
By using the traditional method of calculation again, the weekly pivot levels for GBP/BGN are presented as follows:
Central Pivot Point – 2.5227
R1 – 2.5547
R2 – 2.5886
R3 – 2.6206
S1 – 2.4888
S2 – 2.4568
S3 – 2.4229
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