GBP/TRY, D1

On the daily chart, the pair is falling along the lower Bollinger band. The price remains below the EMA130, EMA65 and EMA14 that start turning down indicating that the change in a direction of the trend could be approaching. Both the RSI and Composite are declining towards the last week supports as they have overcome their MA’s.

GBP/TRY: technical analysis

GBP/TRY, H4

On the 4-hour chart, the pair is falling towards the lower MA of Bollinger Bands. The price remains below the EMA130, EMA65 and EMA14, all directed down. The RSI is breaking down its yesterday support just over the oversold zone. The Composite, however, is about to form a divergence with the RSI. MA’s for both indicators suggest a weakness of the market.

GBP/TRY: technical analysis

Key levels

Support levels: 4.2993 (end of November lows), 4.2877 (38.2% Fibonacci retracement), 4.2635 (beginning of November lows).

Resistance levels: 4.3540 (EMA130 on the daily chart), 4.3731 (50% retracement), 4.4280 (local highs).

Trading tips

Open short positions after the price rebound from the level of 4.3080 with the target at 4.2905 and stop-loss at 4.3145. Validity – 1-2 days.

Long positons can be opened above the level of 4.3550 with the target at 4.3845 and stop-loss at 4.3438. Validity 1-3 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.



Follow us in social networks!
Live Chat
Leave feedback