Forex Market: GBP/BGN trading outlook for May 16th

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 2.4797-2.4892. The pair closed at 2.4842, inching down 0.02% on a daily basis. It has been the 8th drop in the past 21 trading days. In weekly terms, GBP/BGN added 0.42% to its value during the current week. It has been the 6th gain in the past 19 weeks. The exotic pair has trimmed its slump to 0.44% so far during the current month, following a 1.09% surge in April.

No relevant macroeconomic reports and other events, which may influence GBP/BGN trading, are scheduled on Monday (May 16th).

Correlation with other currency pairs

Taking into account the business week ended on May 13th 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 (0.8169, or very strong)
GBP/BGN to USD/BGN (0.7015, or strong)
GBP/BGN to USD/CHF (0.5522, or strong)
GBP/BGN to DKK/BGN (0.5099, or strong)
GBP/BGN to CHF/BGN (0.4049, or moderate)
GBP/BGN to USD/CAD (0.0149, or very weak)
GBP/BGN to GBP/USD (-0.1161, or weak)
GBP/BGN to NZD/USD (-0.1649, or weak)
GBP/BGN to AUD/USD (-0.4012, or moderate)
GBP/BGN to EUR/USD (-0.7180, or strong)

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

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

3. GBP/BGN moved almost independently compared to USD/CAD during the period in question. The correlation between these two pairs was almost non-existent.

4. GBP/BGN moved almost equally in one and the same direction with USD/JPY.

5. The correlation between GBP/BGN and GBP/USD, GBP/BGN and NZD/USD was insignificant.