Expecting more TRY weakness against major currencies. GBPTRY is getting more and more "dangerous". Above 7.90 = Significant risk for much more upside move.
There is also an elliot count but I hid it to make the chart more readable. The target was shown, however.
The pair is comming off a rejection on the Lower High trend line of the 1M Descending Triangle (RSI = 60.943, MACD = 0.510, Highs/Lows = 0.000). Based on the previous Lower High made and the RSI it traded, we are expecting a stronger decline towards the previous low. Our sell Target Zone is 6.87000 - 7.00000.
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Simple but effective set,here we can see how price created a 3rd touch to the descending TL and also how it lined up with the weekly 61% leavign two weekly and mult iday shadows giving us a possible short opportunity
Detailed signal in my telegram channel
Parity reached the previous highs and struggling to continue. 7.20 - 7.25 area will be important for the continuation of upward price movement. If we can't see closing above that zone price might test previous lows. 6.95 and 6.90 supports will be closely watched in this scenario.