USD/TRY has broken above the descending wedge. It is currently testing levels above the 50-day MA at 5.7372.
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De-escalation between the US and Turkey and News for the GBP are on the agenda
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The GBP is going to be volatile today, while USD/TRY may be looking for a retest of its highs. Read more!
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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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