Friday’s trade saw GBP/BGN within the range of 2.5574-2.5750. The pair closed at 2.5728, going up 0.37% on a daily basis. It has been the 11th gain in the past 21 trading days. The daily low has been the lowest level since May 24th, when a low of 2.5218 was registered. In weekly terms, GBP/BGN added 1.80% to its value during the current week. It has been the 8th gain in the past 21 weeks, a third consecutive one and also the sharpest one since the week ended on April 24th, when the pair rose 2.02%. The exotic cross has increased its advance to 3.08% 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 30th).
UK Spring Bank Holiday
March 30th marks the Spring Bank Holiday in the United Kingdom. Banks in the country are to remain closed.
Correlation with other currency pairs
Taking into account the business week ended on May 27th 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 CHF/BGN (0.9889, or very strong)
GBP/BGN to GBP/USD (0.9471, or very strong)
GBP/BGN to USD/JPY (0.9396, or very strong)
GBP/BGN to USD/BGN (0.8252, or very strong)
GBP/BGN to USD/CHF (0.5707, or strong)
GBP/BGN to DKK/BGN (-0.4142, or moderate)
GBP/BGN to USD/CAD (-0.6320, or strong)
GBP/BGN to AUD/USD (-0.6529, or strong)
GBP/BGN to NZD/USD (-0.7238, or strong)
GBP/BGN to EUR/USD (-0.8068, or very strong)
1. During the examined period GBP/BGN moved strongly in one and the same direction with USD/CHF.
2. GBP/BGN moved strongly in the opposite direction compared to USD/CAD, AUD/USD and NZD/USD during the week.
3. GBP/BGN moved almost equally in the opposite direction compared to EUR/USD during the period in question.
4. GBP/BGN moved almost equally in one and the same direction with USD/BGN, USD/JPY, GBP/USD and CHF/BGN. This relationship has been the most pronounced between GBP/BGN and CHF/BGN, with the correlation between the two pairs being almost perfect.
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 – 2.5684
R1 – 2.5794
R2 – 2.5860
R3 – 2.5970
S1 – 2.5618
S2 – 2.5508
S3 – 2.5442
By using the traditional method of calculation again, the weekly pivot levels for GBP/BGN are presented as follows:
Central Pivot Point – 2.5602
R1 – 2.5994
R2 – 2.6259
R3 – 2.6651
S1 – 2.5337
S2 – 2.4945
S3 – 2.4680
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