Forex Market: GBP/BGN trading outlook for April 25th

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 2.4741-2.5145. The pair closed at 2.5103, surging 1.14% on a daily basis. It has been the 14th gain in the past 22 trading days and also the sharpest one since October 22nd 2015, when the pair advanced 1.90%. The daily high has been the highest level since March 18th, when a high of 2.5163 was registered. In weekly terms, GBP/BGN added 2.02% to its value during the current week. It has been the 5th gain in the past 16 weeks, a second consecutive one and also the steepest one since the week ended on October 25th, when the cross surged 2.17%. The exotic pair has appreciated 1.78% 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 25th).

Correlation with other currency pairs

Taking into account the business week ended on April 22nd 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/JPY (0.9829, or very strong)
GBP/BGN to DKK/BGN (0.8957, or very strong)
GBP/BGN to USD/BGN (0.8269, or very strong)
GBP/BGN to USD/CHF (0.7748, or strong)
GBP/BGN to GBP/USD (0.7520, or strong)
GBP/BGN to USD/CAD (-0.4957, or moderate)
GBP/BGN to CHF/BGN (-0.5343, or strong)
GBP/BGN to AUD/USD (-0.5465, or strong)
GBP/BGN to NZD/USD (-0.6669, or strong)
GBP/BGN to EUR/USD (-0.8157, or very strong)

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

2. GBP/BGN moved strongly in the opposite direction compared to CHF/BGN, AUD/USD and NZD/USD during the week.

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

4. GBP/BGN moved almost equally in the opposite direction compared to EUR/USD during the week.