Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More
Home » Forex and Currency News » Forex Market: GBP/BGN trading outlook for April 18th

Forex Market: GBP/BGN trading outlook for April 18th

Written by Miroslav Marinov
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:

Friday’s trade saw GBP/BGN within the range of 2.4521-2.4641. The pair closed at 2.4641, edging up 0.28% on a daily basis. It has been the 11th gain in the past 21 trading days. In weekly terms, GBP/BGN added 1.70% to its value during the current week. It has been the 4th gain in the past 15 weeks. The exotic cross has depreciated 0.16% 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 18th).

Correlation with other currency pairs

Taking into account the week ended on April 15th 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 (0.9050, or very strong)
GBP/BGN to USD/BGN (0.8909, or very strong)
GBP/BGN to DKK/BGN (0.8337, or very strong)
GBP/BGN to USD/JPY (0.8039, or very strong)
GBP/BGN to AUD/USD (0.7158, or strong)
GBP/BGN to NZD/USD (0.5187, or strong)
GBP/BGN to USD/CAD (-0.4774, or moderate)
GBP/BGN to GBP/USD (-0.4980, or moderate)
GBP/BGN to CHF/BGN (-0.7938, or strong)
GBP/BGN to EUR/USD (-0.8879, or very strong)

1. During the examined period GBP/BGN moved strongly in one and the same direction with NZD/USD and AUD/USD.

2. GBP/BGN moved strongly in the opposite direction compared to CHF/BGN during the week.

3. GBP/BGN moved almost equally in one and the same direction with USD/JPY, DKK/BGN, USD/BGN and USD/CHF during the period in question. This relationship has been the most pronounced between GBP/BGN and USD/CHF.

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 – 2.4601
R1 – 2.4681
R2 – 2.4721
R3 – 2.4801

S1 – 2.4561
S2 – 2.4481
S3 – 2.4441

By using the traditional method of calculation again, the weekly pivot levels for GBP/BGN are presented as follows:

Central Pivot Point – 2.4497
R1 – 2.4806
R2 – 2.4971
R3 – 2.5280

S1 – 2.4332
S2 – 2.4023
S3 – 2.3858

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Tesla Shares Hold Key Support Ahead of VolatilityTesla Shares Hold Key Support Ahead of Volatility Key Moments Tesla (NASDAQGS:TSLA) is trading at $398.71 on the 4-hour chart, holding just above key support at $391.61 with a weak trend (ADX 11.9). Technical indicators lean bearish, with SuperTrend, Ichimoku Cloud, and MACD […]
  • Forex Market: AUD/USD maintains gains in risk-on trade, RBA Minutes signal downturn may be less steep than expectedForex Market: AUD/USD maintains gains in risk-on trade, RBA Minutes signal downturn may be less steep than expected AUD/USD maintained gains achieved in the prior two trading days on Tuesday, as the announcement of the Federal Reserve's corporate bond purchasing program spurred risk-on mood across financial markets.The US central bank said that it […]
  • Yen Firms as US-Iran Ceasefire Hits Dollar, BoJ SteadyYen Firms as US-Iran Ceasefire Hits Dollar, BoJ Steady Key Moments USD/JPY trades near 159.35 in Asian hours on Thursday as the Dollar weakens against the Yen. US President Donald Trump states the April 7 ceasefire with Iran will remain in place indefinitely. Markets broadly […]
  • Stocks worth followingStocks worth following Consumer Goods Cambell is the top performer in packaged food business with $5 above the consensus price of its shares. Companys estimates are believed to raise even more beginning with sales increase of 12%. Cambell is beating its […]
  • Forex Market: EUR/SEK daily forecastForex Market: EUR/SEK daily forecast During yesterday’s trading session EUR/SEK traded within the range of 9.0405-9.0745 and closed at 9.0621.At 6:31 GMT today EUR/SEK was gaining 0.03% for the day to trade at 9.0660. The pair touched a daily high at 9.0716 at 6:10 […]
  • Bitcoin Dips Below $86,500 Despite ETF Inflow StreakBitcoin Dips Below $86,500 Despite ETF Inflow Streak Key momentsAfter a 1.21% decline, Bitcoin’s price fell to around $84,450 on Tuesday. The movement of substantial holdings by Mt. Gox, a now-defunct crypto exchange, impacted market sentiment. U.S. spot Bitcoin ETFs showed strong […]