GBP/TRY – What a Price Swing So Far!!
GBPTRY seems to be full of action these days! First the BREXIT results caused a %12 drop on GBPTRY from 4.25 to 3.74 level. Then the “Army Coup Attempt in Turkey” pushed the prices back up to 4.10 level. That night within hours the Turkish government had taken back control. Since then, they have been putting a great effort to sustain foreign investors’ trust within the Turkish economy; organizing meetings, conference calls, etc. It seems like this effort has paid off; The Turkish Stock market has recovered the majority of its losses, whereas the foreign currencies have been steadily declining. GBPTRY is currently trading at 3.80 level right now.
Shall we expect any further price swings?
When the consolidation started from 4.10 level, 3.80 was our initial target. Looking at the current chart, we believe 3.80 is a pretty good buying point. Our first target is 3.90 – 3.92 level. If it is broken, the next resistance is at 3.98 – 4.00 level.
Once our targets are met, we will update our analysis.
This cannot be considered as investment advice!!