GBP/TRY – 13.11.2016

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BREXIT is getting more and more confusing. Last week 3 judges blocked the BREXIT decision saying that the referendum results need to be voted at the parliament. This created a sharp move on GBPTRY from 3.73 to 3.98 just in few days.

Let the BREXIT discussions carry on, we shall focus on the potential scenarios on GBPTRY;
Currently the pair is trading around 4.10 at the moment. Although there is a slight chance that we can see another spike to 4.12 – 4.13 level we have to say the pair is extremely overheated now. We are expecting a sharp drop to 3.98 level. There may be a slight support here but later on the drop should carry on to 3.90.
Once our target is met, we will update our analysis.
This cannot be considered an investment advice!!