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British Pound / Turkish lira

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GBPTRY trade ideas

GBP/TRY - Short OpportunityWhat's up traders, I am just quickly posting this chart for you all whilst it is on my radar. Here we have GBP/TRY on the 1H chart. Price restently broke a long term side-wards support level, and retested it as a new sideways resistance. Once price confirmed the line as resistance, broke also broke a flag channel support simultaneously, leading to a breakdown move. Since this trade is already moving, I am advising traders to look for a retest to look for a short opportunity. Updates for this idea will be posted below. Leave a like & follow so you don't miss any of our content.
Short
by TomProTrader
2
GBPTRY Long 4hGBPTRY has entered a bullish trend and MAs play a role of support structure that keeps the trend in its current direction. Considering MAs, one could also say that there has been a bullish crossing of 150 and 200 MAs. Moreover, since the green vertical line that identifies the beginning of the trend, RSI has never been below the red support line (could be seen on the graph). Additionally, from a technical point of view, the upward trend has completed its 50.00% Fib retracement. Overall, Fib along with RSI and MAs suggest a bullish week ahead for GBPTRY. Fundamentally, there were no chaotic news coming from the UK in the past few weeks and the election uncertainty could be over in the eyes of the investors. Good luck, traders!
Long
by DzhuneytYusein