On the daily chart, the pair is trading just underneath the middle MA of Bollinger Bands and below its moving averages that are directed horizontally. The pair declined below the 50% Fibonacci fan line but the upward trend has not been broken yet. The RSI is falling towards its end if December support. The Composite is about to test its end of December support as well.

GBP/TRY: technical analysis


On the 4-hour chart, the pair is falling along the lower MA of Bollinger Bands and keeps breaking it down. The price remains below its moving averages that start turning down. The RSI is falling towards the border of the oversold zone. The Composite turned up as it failed to retest its previous week support.

GBP/TRY: technical analysis

Key levels

Support levels: 4.3324 (local lows), 4.3191 (active trade), 4.2929 (end of December lows), 4.2635 (November lows).

Resistance levels: 4.3796 (active trade), 4.3877 (local highs), 4.4309 (last week highs).

Trading tips

Short positions can be opened from the level of 4.3310 with the target at 4.3195 and stop-loss at 4.3365. Validity – 1-2 days.

Long positions can be opened above the level of 4.3877 with the target at 4.4260 and stop-loss at 4.3766. Validity – 2-3 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.

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