GBP/TRY, D1

On the daily chart, the pair is trading in the lower Bollinger band, just below the 50% Fibonacci fan line. The price remains below its moving averages that are directed horizontally. The RSI found support in the Bullish zone above the 40 mark and is currently testing its longer MA. The Composite is about to turn up just above its last month support. 

GBP/TRY: technical analysis

GBP/TRY, H4

On the 4-hour chart, the pair is obstructing the middle MA of Bollinger Bands, while bands begin to narrow. The price remains below the EMA130 and EMA65 that turned down. The RSI is growing from the oversold zone. The Composite also turned up. MA’s for both indicators suggest a current strength of the market.

GBP/TRY: technical analysis

Key levels

Support levels: 4.3266 (local lows), 4.3067 (beginning of December lows), 4.2873 (38.2% Fibonacci correction).

Resistance levels: 4.3740 (50% correction), 4.4101 (17 December highs), 4.4589 (61.8% correction).

Trading tips

Long positions can be opened from the level of 4.3801 with the target at 4.4090 and stop-loss at 4.3694. Validity – 1-2 days.

Short positions can be opened from the level of 4.3250 with the target at 4.3077 and stop-loss at 4.3312. Validity – 1-2 days. 




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