GBP/TRY, D1

On the daily chart, the pair is falling along the lower Bollinger band and remains just above the EMA130 directed horizontally but below its EMA65 and EMA13 that are heading down. A fall in the pair stopped at 38.2% Fibonacci retracement and the price has been consolidating above it since the last week. The RSI keeps trying to break out its resistance that now coincides with the longer MA. The Composite, however, find the support on its longer MA.

GBP/TRY: technical analysis

GBP/TRY, H4

On the 4-hour chart, the pair is growing away from the bottom MA of Bollinger Bands and is now reaching the middle MA of the indicator. The price is trading below its EMA130 and EMA65 that are directed down. The RSI has bounced off its support at the Bullish level of 40. The Composite has formed a divergence with the price just before the current candle, hence the growth in the pair.

GBP/TRY: technical analysis

Key levels

Support levels: 4.3679 (local lows), 4.3619 (opening price), 4.3536 (38.2% retracement).

Resistance levels: 4.3827 (EMA130 on the hourly chart), 4.4117 (local highs), 4.4270 (50% retracement).

Trading tips

Open long positions from the level of 4.3835 with targets at 4.3910, 4.4095 and stop-loss at 4.3750. Validity 1-2 days.

Short positions can be opened below the level of 4.3520 with the target at 4.3360 and stop-loss at 4.3566. Validity – 1-2 days.




The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.



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