Forex Market: GBP/BGN trading outlook for June 27th

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 2.3840-2.5720. The pair closed at 2.4104, plunging 5.87% compared to Thursdays close. It has been the 12th drop in the past 22 trading days and also the steepest daily rate of decline on record. The daily low has been the lowest level since May 8th 2014, when a low of 2.3698 was registered. In weekly terms, GBP/BGN lost 3.20% of its value during the current week. It has been the 16th drop in the past 25 weeks and also the sharpest one since the week ended on May 3rd 2015, when the pair fell 3.22%. The exotic cross has depreciated 5.23% so far during the current month, following a 1.95% surge in May.

No relevant macroeconomic reports and other events, which may influence GBP/BGN trading, are scheduled on Monday (June 27th).

Correlation with other currency pairs

Taking into account the business week ended on June 24th 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 (0.9944, or very strong)
GBP/BGN to EUR/USD (0.8891, or very strong)
GBP/BGN to USD/JPY (0.8729, or very strong)
GBP/BGN to NZD/USD (0.4316, or moderate)
GBP/BGN to AUD/USD (0.3351, or moderate)
GBP/BGN to CHF/BGN (-0.5332, or strong)
GBP/BGN to USD/BGN (-0.9241, or very strong)
GBP/BGN to USD/CHF (-0.9579, or very strong)
GBP/BGN to USD/CAD (-0.9770, or very strong)

1. During the examined period GBP/BGN moved almost equally in one and the same direction with USD/JPY, EUR/USD and GBP/USD. This relationship has been the most pronounced between GBP/BGN and GBP/USD, with the correlation between the two pairs being almost perfect.

2. GBP/BGN moved almost equally in the opposite direction compared to USD/BGN, USD/CHF and USD/CAD during the week. This relationship has been the most pronounced between GBP/BGN and USD/CAD.

3. GBP/BGN moved strongly in the opposite direction compared to CHF/BGN during the period in question.