De-escalation between the US and Turkey and News for the GBP are on the agenda
Tag - try
The GBP is going to be volatile today, while USD/TRY may be looking for a retest of its highs. Read more!
This week, the Turkish lira has experienced a selloff, and USD/TRY jumped to the highest levels since the end of August in the 5.88 area.
USD/TRY ran into the resistance of 5.83. Traders are taking profit and readjusting positions after a very big advance that happened on Monday.
The trading session is expected to be news-driven with US-China trade tensions and updates on Brexit.
USD/TRY formed a bullish gap on the D1. It happened on the increase in the market’s risk aversion.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
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USD/TRY has formed a big “shooting star” candlestick on the W1 last week. A similar formation is visible on the D1.
USD/TRY met resistance near the line connecting 2019 highs in the 5.62 area. This is also where the 50-week MA is capping the price.
Slow start ahead of the eventful week
Today the central bank of Turkey cut its interest rate from 24% to 19.75% (vs. 21.5% expected).