Recent positive data has seen further strength for the TRY

TRY continues to strengthen against GBP and USD after the recent negative comments from the IMF, Moody’s and Fitch on the the economic growth forecast for Turkey.  There has also bee positive data from the UK, US & Euro zone area which has caused the TRY to weaken.

GBPJPY 4 hour chart

After the UK inflation data released this morning, TRY touched the resistance level at 3.5960.

We see this trend continuing and we recommend buying dips.