Poor Scenario is Preserved in Sterling / TL | Investing.com

While the British Minister of Health announced that they turned the corner in the Covid-19 outbreak, he announced that the quarantine rules to be applied at home and hotels will come into effect on Monday. He underlined that especially those who come from prohibited countries and do not comply with the quarantine rules will be sentenced to up to 10 years in prison. Following these statements, after the announcement that there was a new virus mutation in England, the tension increased a little on the sterling side. In the UK, it was slightly below the previous data at 98.84 in January. In the light of this information, the risk of the ongoing Covid-19 epidemic in the country limits the recovery on the sterling side, while the significant progress in the vaccination process causes the declines in the parity to remain somewhat limited. Thus, it is seen that the parity, which accelerated its downward scenario by sagging below the 10.0 level, continues to move around the level of 9.75.

If we look at the domestic developments, Turkey released yesterday showed the unemployment rate in November increased by 12.9 percent compared to the previous month. While the address to the nation expected from President Recep Tayyip Erdogan was made depending on space studies, it was stated that the conditions are appropriate to speak and prepare the new constitution. However, while the CBRT’s tightening monetary policy stance on Turkish lira assets continues to trigger a lucrative image, the announcement that this stance will be maintained until the targeted level in inflation is reached limits the rise in parity.

In the technical picture of GBP / TRY, the selling pressure gained momentum with pricing below 10.0 level, while the pair carried its declines to the level of 9.65. Especially when the prices holding around 9.75 level will see a strong support level of this level, we are following the 9.85 resistance first. With the exceeding of this level, purchases can enter into strength gain with resistance levels of 9.98 and 10.10. However, with a possible close below 9.75, dips can be expected to gradually test the 9.65 and 9.53 support levels.

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