On the daily chart, the pair is falling towards the lower MA of Bollinger Bands that coincides with the 61.8% Fibonacci fan line and 61.8% retracement. The price remains below its moving averages that start turning down. The RSI is falling as it failed its end of January resistance. The Composite turned down while it keeps testing its longer MA.

GBP/TRY: technical analysis


On the 4-hour chart, the pair is trading just above the lower MA of Bollinger Bands. The price remains below its moving averages that are horizontal. The RSI remains in the Bearish zone below the 60 mark since the beginning of the year and is currently testing its trendline. The Composite is falling towards its beginning of February supports.

GBP/TRY: technical analysis

Key levels

Support levels: 4.2302 (61.8% retracement), 4.2270 (local lows), 4.2121 (beginning of February lows).

Resistance levels: 4.2512 (local highs), 4.2651 (local highs), 4.2761 (EMA130).

Trading tips

Short positions can be opened from the level of 4.2265 with the target at 4.2135 and stop-loss at 4.2330. Validity – 1-2 days.

Long positions can be opened from the level of 4.2655 with the target at 4.2760 and stop-loss at 4.2613. Validity – 1-2 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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