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


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.


Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

Follow us in social networks!
Live Chat
Leave feedback