USD/TRY testing lows in the 3.05 area

The Turkish Lira is gathering further traction on Friday, dragging USD/TRY to challenge 2-day lows in the vicinity of 3.05.

USD/TRY comes down from 3.10

Spot gathered extra downside pressure today and is prolonging the correction lower from Wednesday’s all-time high in the boundaries of the key barrier at 3.10.

A solid pick up in the demand for TRY has been fuelling the pair’s pullback, as political effervescence following the failed coup attempt appears somewhat alleviated.

USD/TRY key levels

At the moment the pair is retreating 0.57% at 3.0509 facing the immediate support at 3.0090 (low Jul.20) followed by 2.9470 (20-day sma) and then 2.8741 (low Jul.14). On the upside, the next hurdle is located at 3.0965 (all-time high Jul.20).