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

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