News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/Ai9FWJJ6g7
  • 🇺🇸 MBA Mortgage Applications (23/JUL) Actual: 5.7% Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.77%, while traders in Wall Street are at opposite extremes with 74.07%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xocIEsnpei
  • Heads Up:🇺🇸 MBA Mortgage Applications (23/JUL) due at 11:00 GMT (15min) Previous: -4% https://www.dailyfx.com/economic-calendar#2021-07-28
  • Bitcoin (BTCUSD) putting in a decent shift and back above $40k - ignoring the 'will they/won't they?' Amazon chatter. #bitcoin #btc @DailyFXTeam Prices via @IGcom https://t.co/jXB2fP11kG
  • Further your forex knowledge and gain informed analyses from industry leaders with our free guides, available today. Download the Q3 guide:https://t.co/7G7pWntiyY https://t.co/IwfNn9HRhM
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.53% Oil - US Crude: 0.29% Gold: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/ClrxkIhs94
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.25% 🇨🇭CHF: 0.03% 🇪🇺EUR: -0.03% 🇯🇵JPY: -0.13% 🇳🇿NZD: -0.21% 🇦🇺AUD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OCHk2MUjOO
  • Indices Update: As of 10:00, these are your best and worst performers based on the London trading schedule: France 40: 0.82% FTSE 100: 0.28% Germany 30: 0.19% US 500: 0.18% Wall Street: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Rbdrdjj6kp
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/NPHJ7riOrS
Turkish Lira Price: Will USD/TRY Rally for a Test of the Monthly High?

Turkish Lira Price: Will USD/TRY Rally for a Test of the Monthly High?

Mahmoud Alkudsi, Analyst

USD/TRY Price Outlook

Check our latest Q3 forecasts for free and learn what is likely to move the markets at this time of the year.

USD/TRY – Correcting Higher

Last week the USD/TRY declined and printed 5.4508- its lowest levels in nearly four months. On Friday the pair closed the weekly candlestick with 1.2% loss.

Yesterday, the price corrected higher creating a higher high at 5.6356, emphasizing the seller’s loss of control at this stage.

This week, the Relative Strength Index (RSI) climbed from 32 to 45 indicating to a weaker bearish of momentum, with a possible start of a bullish momentum contingent on the oscillator crosses above 50.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

USD/TRY DAILY PRICE CHART (May 3, 2018 – AUG 14, 2019) Zoomed Out

USDTRY price daily chart 14-08-19 Zoomed Out

USD/TRY DAILY PRICE CHART (May 25 – AUG 14, 2019) Zoomed In

USDTRY price daily chart 14-08-19 Zoomed in

Looking at the daily chart we notice on Thursday USD/TRY reversed direction nearby the low end of current trading zone 5.4635 – 5.6550 as indicated in our last update: Possible reversal at multi month low

At the start of this week, the pair rallied eyeing the high end of this zone. Thus, a close above the high end may push the price towards 5.8250. Although, the weekly resistance level and area highlighted on the chart (zoomed in) should be considered.

On the other hand, any failure in closing above the high end of the zone could press USDTRY towards the low end. Further close below this level may see the pair trading even lower towards 5.3033. However, the weekly support levels marked on the chart would be worth monitoring.

Just getting started? See our Beginners’ Guide for FX traders

USD/TRY Four-HOUR PRICE CHART (July 26, – AUG 14, 2019)

USDTRY price four-hour chart 14-08-19

Looking at the four-hour chart, we notice currently USDTRY is creating an inverted head and shoulders pattern where the neckline resides at 5.6312.

Therefore, if the price breaks and remains above the neck line, this could embolden buyers to push the pair for a test of the July 26 high at 5.7800 (Monthly High). Although, the trading zone with the weekly resistance level and area showing on the daily chart should be kept in focus.

A break above 5.6670 may cause a rally towards 5.6983. Nonetheless, the resistance level underlined on the chart needs to be monitored. See the chart to know more about the higher resistance levels the price would face in a further bullish move.

On the flip-side, a break below 5.5458 could lead the price towards 5.5136. However, the support level underscored on the chart should be watched closely. See the chart to find out more about the lower support levels USDTRY would encounter in a further bearish move.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES