Forex Market: GBP/BGN trading outlook for May 2nd

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 2.4927-2.5212. The pair closed at 2.4950, falling 0.89% on a daily basis. It has been the 7th drop in the past 21 trading days and also the sharpest one since April 1st, when the pair depreciated 0.99%. The daily low has been the lowest level since April 22nd, when a low of 2.4741 was registered. In weekly terms, GBP/BGN lost 0.61% of its value during the current week. It has been the 12th drop in the past 17 weeks. The exotic pair rose 1.09% in April, following four successive months of decline. In March the cross went down 1.40%.

No relevant macroeconomic reports and other events, which may influence GBP/BGN trading, are scheduled on Monday (May 2nd).

UK Early May Bank Holiday

Monday (May 2nd) is the Early May Bank Holiday in the United Kingdom. Banks in the country are to remain closed. Various events are usually held in order to commemorate the end of the winter period and ”the fertility and hope” of the upcoming summer.

Correlation with other currency pairs

Taking into account the business week ended on April 29th 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 DKK/BGN (0.9095, or very strong)
GBP/BGN to USD/BGN (0.8039, or very strong)
GBP/BGN to USD/CHF (0.7858, or strong)
GBP/BGN to USD/JPY (0.6895, or strong)
GBP/BGN to AUD/USD (0.6466, or strong)
GBP/BGN to USD/CAD (0.3065, or moderate)
GBP/BGN to CHF/BGN (0.1418, or weak)
GBP/BGN to GBP/USD (-0.1374, or weak)
GBP/BGN to NZD/USD (-0.3735, or moderate)
GBP/BGN to EUR/USD (-0.7943, or strong)

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

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

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

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