GBPTRY MAINTAINS UPWARD TREND
Even if the UK started the new week with weak manufacturing and industrial production data, GBPTRY has accelerated the rise with the support of the Sterling assets, which diverged positively on the last trading day of the week. On the UK side, apart from Brexit, officials are expected to reach an agreement for the free trade deal negotiations by the end of 2020. While these expectations remain somewhat calm, the British Finance Minister Sajid Javid has resigned today. PM Johnson had asked Javid to fire and replace all of his special advisers, British media reported. Thus, Prime Minister Johnson has removed 8 ministers other than Javid so far under the cabinet switch. Thus, we see that Sterling continues to maintain its strong stance against the Dollar despite the increasing political tension in the UK.
If we look at the Turkish Lira side, even though a short-term positive divergence occurred in the currency after the BDDK decision, increasing political tension regarding Idlib appears to lead to a negative divergence of the Turkish Lira among developing country currencies. President Erdogan said Turkey would not remain a mere spectator to the situation Idlib, saying that the attacks will be responded to.
It is seen that GBPTRY parity continues to maintain its activity in rising channel formation. In the continuation of this mobility, it can be expected that the increases will accelerate with the resistance of 8.00, which may bring the resistance of 8.14, which is an important medium-term crossing point in the pair, to the agenda. However, in the returns that may come from this level, the main support point of the pair remains current as 7.75.