TRY again under fire on major currencies after the US sanctioned two senior Turkish civil servants for continued detention of US pastors. The sanctions are directed at Turkish Justice Minister Abdullahit Gul and Interior Minister Suleiman Saylu, both of whom "played leading roles in the organizations responsible for the arrest and detention of Pastor Andrew Brunson."
Technically, the couple is more and more like Bitcoin in the heyday of its forces. Since the US sanctions have been introduced, we are witnessing a new peak that enhances positivism. Entry from the current levels will be too risky, but any downward adjustment can be used to add to the long positions. DeMarker points down from an oversupply zone, suggesting a short-term adjustment is likely. Correction of the price to the short-term diagonal of the acceleration trend is a good level for positioning with new long positions. Typically, after such negatives for Turkey, the price of the pound shrinks sharply, then adjusts. It is then good to include Long with a remote SL to avoid Stop Hunting.
Chart: Used with permission of Bloomberg Finance L.P.
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