Forex Market: GBP/BGN trading outlook for June 13th

Friday’s trade saw GBP/BGN within the range of 2.4649-2.5051. The pair closed at 2.4791, plummeting 0.82% on a daily basis. It has been the 12th drop in the past 23 trading days and also the steepest one since June 3rd, when the exotic cross fell 1.24%. The daily low has been the lowest level since May 4th, when a low of 2.4600 was registered. In weekly terms, GBP/BGN lost 0.78% of its value during the current week. It has been the 15th drop in the past 23 weeks and also a second consecutive one. The exotic cross has depreciated 2.52% so far during the current month, following a 1.95% surge in May. The latter has been the strongest monthly performance since October 2015, when the pair advanced 3.55%.

No relevant macroeconomic reports and other events, which may influence GBP/BGN trading, are scheduled on Monday (June 13th).

Correlation with other currency pairs

Taking into account the business week ended on June 10th 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 GBP/USD (0.8237, or very strong)
GBP/BGN to AUD/USD (0.5757, or strong)
GBP/BGN to EUR/USD (0.4221, or moderate)
GBP/BGN to USD/JPY (0.3247, or moderate)
GBP/BGN to NZD/USD (0.0563, or very weak)
GBP/BGN to USD/CHF (-0.1270, or weak)
GBP/BGN to CHF/BGN (-0.3991, or moderate)
GBP/BGN to USD/CAD (-0.4458, or moderate)
GBP/BGN to USD/BGN (-0.4617, or moderate)

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

2. GBP/BGN moved almost equally in one and the same direction with GBP/USD during the week.

3. GBP/BGN moved almost independently compared to NZD/USD during the period in question.

4. The correlation between GBP/BGN and USD/CHF 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 – 2.4830
R1 – 2.5012
R2 – 2.5232
R3 – 2.5414

S1 – 2.4610
S2 – 2.4428
S3 – 2.4208

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

Central Pivot Point – 2.4881
R1 – 2.5112
R2 – 2.5434
R3 – 2.5665

S1 – 2.4559
S2 – 2.4328
S3 – 2.4006

In monthly terms, for GBP/BGN we have the following pivots:

Central Pivot Point – 2.5297
R1 – 2.5995
R2 – 2.6553
R3 – 2.7251

S1 – 2.4739
S2 – 2.4041
S3 – 2.3483