Here we are not discussing pips, rather we are talking about a 30% move in a currency. A macro swing which has been very simple to follow since last December with a lot of meat left on the bone.
Disaster is cooking in Turkey...Best of luck all those in EM FX
Considering what is going on it is clear local Turkish banks are doing everything they can to stop the bleeding
Most are aggressively selling $ at market to prevent the breakup... I have seen some orders at the dealing desk of $50M and $100M sizes
Mark my words...They will run out of ammunition very soon...When powder turns dry $TRY will escape to the highs and test 7.80