GBP/TRY, D1

On the daily chart, the pair is testing the 61.8% Fibonacci fan line and is trading in the lower Bollinger band. The price remains below its moving averages that start turning down. The RSI turned down towards its strong support it keeps testing for several months. The Composite also turned down representing a weakness of the market.

GBP/TRY: technical analysis

GBP/TRY, H4

On the 4-hour chart, the pair is falling along the lower MA of Bollinger Bands while keeps breaking it down. The price remains below its moving averages that are directed down. Both the RSI and Composite broke down their MA’s and falling.

GBP/TRY: technical analysis

Key levels

Support levels: 4.2269 (61.8% fan line), 4.1806 (23.6% Fibonacci retracement), 4.1501 (July 2015 lows).

Resistance levels: 4.2874 (38.2% retracement), 4.3257 (end of January highs), 4.3726 (50% retracement).

Trading tips

Short positions can be opened from the level of 4.1886 with the target at 4.1521 and stop-loss at 4.2052. Validity – 2-3 days.

Long positions can be opened above the level of 4.3257 with the target at 4.3706 and stop-loss at 4.3150. Validity – 2-3 days. 




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