Trading GBP/TRY

The exotic pair of GBP/TRY is made up of the United Kingdom’s official currency, pound sterling, and Turkey’s official currency, the lira. With the GBP being a major world currency and the TRY being an exotic currency, it offers volatility but less liquid conditions. This review breaks down the history of GBP/TRY, why to trade it and how to trade it, live charts, exchanges, news and more.

GBP/TRY Trading Brokers

  1. XTB

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    Trade 48 currency pairs with low spreads from 0.1 pips and leverage up to 1:30 (EU) and 1:500 (Global). Micro lot trading is also available and new currency traders can make near-instant deposits with no fees.

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    FXCC offers leading fees compared to alternatives with spreads as low as 0.0 pips and $0 commission. Over 70 currency pairs are also available, providing more opportunities than most competitors.

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    Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 60+ pairs. You can also trade currency indices, which aren't available at many alternatives. Forex lots start at 0.01.

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    Trade 85 major, minor and exotic forex pairs via CFDs on IB's FXTrader platform with tight spreads and low commissions, or trade forex on the spot market. They offer more FX assets than almost any competitor.

  5. XM

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    XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Forex can be traded 24/5 on desktop, web and mobile. Over 50 currency pairs are available including all majors.

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    Trade 50+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and low commissions. The VPS will also serve high-volume, active day traders.

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    OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds.

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    IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.

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    Trade 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals.

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    Plus500 offers forex trading via CFDs with tight, floating spreads and an excellent suite of 60+ currency pairs. We got spreads of 0.6 pips on the EUR/USD during testing - lower than many alternatives.

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    Markets.com offers major, minor and exotic currency pairs available to trade as contracts for difference (CFDs) or spread betting (UK customers only). Spreads are competitive starting from 0.6 pips on the EUR/USD.

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    NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.

  13. Axi

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    Axi offers a great selection of 70+ major, minor and exotic currency pairs. There are no restrictions on trading strategies and the broker boasts impressive spreads by connecting to 20 liquidity sources.

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    Trade 170+ major, minor and exotic forex pairs with floating spreads and leverage up to 1:30. Forex futures are also available on some currency pairs. However the forex broker has a track record of amending margin requirements without appropriate notice.

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    Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.

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    Focus Option offers 22 forex pairs tradeable via binary options, including a selection of majors and minors. FX pairs are also available to trade with margin on Focus Option's mobile app, which offers high leverage up to 1:50 and spreads from 1 pip.

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    Global Prime traders can access 48 forex pairs including majors, minors and exotics with tight spreads from 0.9 with no commission or from 0 with a $7 round turn. Forex is traded via the leading MT4 platform, micro lots are available and latency is low via a New York-based server.

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    Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

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    Trade currencies with 0.0 pip spreads at one of the world's leading forex brokers. IC Markets is a great choice for serious traders with superior execution and low fees.

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    AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

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    Forex.com is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.

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    Go long or short on 50 forex pairs including the EUR/USD and GBP/USD with zero commissions. There are plenty of opportunities to buy and sell currencies via margin or copy trading.

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    An impressive selection of 52 currencies are tradeable on eToro's proprietary platform and app. Traders can also continuously hone their forex strategies by switching between demo mode and their live account any time.

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    OspreyFX offers more than 50 major, minor and exotic currency pairs. Spreads start from just 0.1 pips on the EUR/USD and the broker provides a suite of forex trading education for beginners, including partnering with Forex Squad.

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    CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD.

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    Trade 70+ major, minor and exotic forex pair CFDs with up to 1:1000 leverage, no commission fees and competitive spreads from 0.8 pips. FX trades can also be executed via the reliable and fast MetaTrader 5 software.

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    Errante traders can access 50+ forex pairs with leverage up to 1:500 (location dependant). The broker offers fast execution and tight spreads, especially to clients with VIP and Tailor-Made accounts.

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    Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.

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    Trade 70 major, minor and exotic forex pairs with ultra-low ECN spreads and fast execution via the MT4 or MT5 platforms. There are also zero SL/TP limits and automated forex trading is well catered for.

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    Ingot Brokers offers forex trading on a modest suite of 30+ currency pairs with spreads starting from zero on raw spread account types. Currencies can be traded 24/5 though exotics are only available on MT5.

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    Trade a small selection of 25 major and minor pairs. Spreads from zero on the pro account, micro-lot trading, and very high leverage make up for the limited range of currencies. The MetaTrader software is also a well-regarded platform for forex trading.

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    Axofa offers 50+ forex pairs with raw spreads and low commissions. On the downside, the broker is not particularly transparent when it comes to their account conditions and fees.

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    Go long or short on over 50 currency pairs with spreads from 0.6 pips on EUR/USD. Traders can access market-leading forex tools in the MT4 platform, including customisable forex charts and algorithmic trading.

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    Trade binary options on 25+ forex pairs including a range of majors and minors, as well as precious metals paired with USD. Payouts top 80% and users can analyze market movements on the hugely popular MT4 platform and app.

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    World Forex offers CFD and digital contract trading on 53 forex pairs, including EUR/USD and GBP/EUR. High leverage is available for CFDs, which can be accessed with competitive spreads on certain account types.

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    FinPros offers 80+ forex pairs, which is one of the more diverse offerings available. Traders benefit from ultra-low latency, MT5 support and very tight spreads and low commissions on the RAW+ account.

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    Trade 45+ major, minor and exotic pairs with deep liquidity and low latency. The ultra-tight spreads from 0.01 pips on raw accounts, competitive $7 or lower round-turn commissions and high leverage up to 1:500 will suit scalpers, who can trade without limits.

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    IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.

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    Trade 50+ forex pairs including popular majors and minors with very high leverage available up to 1:1000. Gold, silver, palladium and platinum pairs with USD are also available.

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    Trade 25+ major and minor currency pairs with access to over 30 technical indicators in the broker's proprietary terminal. You can also follow and replicate other forex trades using the integrated copy trader.

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    Scope Markets offers MT5 trading for a range of major, minor and exotic currency pairs with high leverage and a low starting deposit. Multilingual 24/5 support is also available to support forex traders.

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    Trade 50+ forex pairs, including popular major, minor and exotic pairs. This is a decent selection, but traders will have a choice between the attractive MT4, MT5 or IRESS platforms and regulatory cover from ASIC. The VPS will also suit automated forex trading strategis.

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    Trade 49 major, minor and exotic currency pairs with fixed spreads or ECN pricing with no dealing desk intervention and a low starting deposit. You can analyze the currency markets using the broker's in-house trading platform.

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    Anzo Capital offers 45+ forex pairs including majors, minors and exotics with fast execution and spreads starting from zero. High leverage up to 1:1000 is available with a margin call at 80% and a stop out level at 50%.

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    Rock Global clients can access 50+ currency pairs via CFDs with leverage up to 1:500, world class liquidity and fast execution on the MT4 or TWS platforms. The tight spreads from 0.9 with no commission are a particularly attractive feature.

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    VT Markets offers 40+ forex pairs including majors, minors and exotics with lightning-fast execution, up to 1:500 leverage and spreads starting from 0 available to ECN account holders.

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    Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.

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    Exinity offers 150+ forex pairs to trade on a very competitive ECN pricing model, with spreads from zero and low commissions of $4 per round turn. Traders can access the powerful MT4 and MT5 platforms and trade with no restrictions on popular day trading strategies.

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    ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes.

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    PU Prime clients can trade 40+ forex pairs via the MT4 and MT5 platforms with dynamic leverage up to 1:500. Spreads start from near zero on Prime accounts, which also charge a $7 commission per lot, and a zero-commission Standard account with wider spreads is also available.

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    With 100+ currency pairs including all majors plus many minors and exotics tradeable on the MT4 platform with 1:2000 leverage, SuperForex lives up to its name as a great choice for forex traders. The ForexCopy system is also useful for newer traders.

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    AdroFX has a good forex offering of more than 60 pairs, which can be traded with up to 1:500 leverage via the MT4 platform or copy-traded with Allpips. The broker also offers very tight spreads starting from 0.4 pips and charges no commission.

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    Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology. 35+ currency pairs are available with tight spreads from 0 pips and rapid market execution. You can also utilise the broker's forex news alerts and economic calendar.

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    Trade 7 major, 21 minor and 29 exotic forex pairs with high leverage and a choice between STP or ECN accounts. Support is available around the clock and the TradeLocker forex software is provided.

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    Core Spreads offers trading on 34 forex pairs through spread betting and 40 currencies through CFDs, with both vehicles covering major and minor pairs. Spread betting spreads start from 0.6 for EUR/GBP; CFD spreads are variable and start from 1.2 pips on EUR/GBP.

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    Buy and sell over 50 currencies with zero pip spreads available via deep liquidity pools. M4Markets offers very low latency with execution speeds averaging 30ms. There are no restrictions on forex trading strategies.

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    MultiBank FX offers trading on 50+ major, minor and exotic currency pairs. Spreads are tighter than many competitors and the broker offers higher leverage than most alternatives. Automated trading strategies are also permitted.

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    Trade Nation offers over 30 of the most popular forex pairs with variable spreads. Traders can access a slick proprietary platform or MetaTrader 4, with real-time forex market updates and insights via 'Smart News'.

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    As well as a competitive selection of 55+ forex pairs, traders can access high leverage up to 1:300. You can also enjoy advanced analysis from Trading Central with easy integration into MetaTrader 4.

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    Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex day traders.

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    4xCube offers 60+ currency pairs with competitive trading conditions. We like that all trading strategies are permitted including scalping and hedging.

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    ActivTrades is a great broker for active forex traders with industry-low spreads from 0.5 pips and zero commissions. The forex broker also offers impressive execution quality and speeds, alongside award-winning customer service.

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    BlackBull offers 64 forex pairs with very competitive pricing through its ECN accounts, with the standard commission-free spread starting from 0.8 and spreads with commission starting from zero. The broker supports diverse trading platforms including MT4 and MT5, and provides leverage up to 1:500.

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    LQDFX offers an extensive list of 70+ currency pairs, more than most alternatives. Spreads are ultra-low and high leverage is available on the market-leading MT4 platform.

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    Trade over 30 currency pairs with tight spreads from 0 pips. Forex traders have a choice of leading platforms including MT4, MT5 and an in-house web trader. The CopyFX system also lets you mirror experienced currency traders with a $100 minimum investment.

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    Swissquote offers trading on a huge range of forex assets, covering 80+ currency pairs. Spreads start from 1.3 pips with the Premium account and there are zero commissions. Micro, mini and standard lot sizes are available plus options contracts on major currencies.

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    SimpleFX offers a competitive suite of 60 forex pairs with average spreads of 0.9 pips. The charting features are extensive, with convenient mobile and desktop access for all experience levels.

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    Go long or short on over 50 forex pairs from majors to exotics, with spreads as low as 0.1 pips. Traders can analyze the currency markets with market-leading trading software and charts from MetaTrader 4.

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    During my tests, I was able to access a very competitive range of 90+ forex pairs with ECN spreads from 0.0 pips and leverage up to 1:500. FX traders can also make use of the Trading Central signals or the broker's daily forex analysis.

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    Trade on 45+ majors, minors, crosses and exotics, with competitive pricing, ultra-fast execution and no requotes. Newer traders can access zero-commission trading. Experienced forex traders can operate with no trading restrictions and benefit from an ECN account and a VPS service.

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    FXTrading clients can access 70+ forex pairs with high leverage up to 1:500, fast execution averaging 80ms, excellent liquidity and spreads from zero. A good selection of minors and exotics are available as well as all the majors. New users can start trading forex in 4 easy steps.

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    Trade 36 forex pairs, including the EUR/USD with spreads from zero pips. FXChoice offers higher leverage on forex than most competitors, alongside 24/5 support and an accessible $10 starting deposit.

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    With over 190 forex spot pairs, EZ Invest outperforms many rivals in terms of access to the currency markets. Users can also choose between desktop software, a webtrader plus a solid mobile app. On the negative side, spreads aren't the tightest on entry accounts.

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    Fortrade offers 60+ currency pairs including a good selection of majors, minors and exotics. Trading takes place via MT4 or Fortrade's proprietary, low-latency terminal, and spreads on the USD/GBP pair average a reasonable 2 pips.

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    FP Markets is a good option for forex traders, with 70+ pairs covering an excellent range of currencies. Spreads are already tight on standard accounts and start from zero on raw spread accounts, and the broker offers high leverage up to 1:500 and top-tier liquidity.

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    IronFX offers 80 currency pairs with an excellent selection of minors and exotics as well as majors. Trading takes place on the MT4 or a proprietary platform with spreads from zero available to ECN accounts. IronFX offers more currency assets than virtually all competitors.

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    Trade 80+ major, minor and exotic forex pairs. This is a very competitive range of currency pairs with 50+ exotics to choose from, and traders will benefit from fast execution and support from extra features including a pip calculator. The MetaTrader 4 software was also designed for online forex trading.

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    Libertex offers CFD trading on 50+ forex pairs, offering long and short opportunities. Its strength comes in its tight spreads – we were offered 0.2 pips for EUR/USD.

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    Trade up to 33 major and minor forex pairs. This is a small range of currency pairs compared to competitors, with no exotics, but traders do benefit from tight spreads, low or no commissions and low latency.

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    HYCM offers 40+ forex pairs, with most available to trade on either the MT4 or MT5 platform. The maximum leverage on offer is 1:30 in accordance with regulations, and tight spreads start from 0.2 on the Raw account and from 1.2 on the commission-free Classic account.

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    FXOpen clients can trade 50+ forex pairs (28 on micro accounts) with leverage up to 1:30. Fees are competitive with spreads starting from zero with a small commission on ECN accounts, and slightly wider spreads and no commission on STP accounts.

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    Trade 45 major, minor and exotic forex pairs. This is an average range, but the broker offers attractive and very competitive tight floating spreads from 0.3. Useful features including a news feed set the broker apart from many rivals and can help plan forex strategies.

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    With 300+ forex pairs, Hantec Markets has one of the widest selections on the market. Floating spreads start from 0.2 pips with ultra-fast market execution and access to the leading MT4 platform.

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    With 60+ currency pairs available, Dukascopy offers enough majors, minors and exotics to keep most forex traders happy. The broker also offers high leverage up to 1:100 – a good amount to see from a reputable and regulated broker. Currency traders have access to excellent software, including MT4 and JForex.

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    Speculate on popular currency pairs with flexible leverage up to 1:500 and zero-pip spreads in the GO Plus account. Commission-free trading is available with micro, mini and standard forex contract sizes.

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    With around 190 forex pairs and spot metals, 140 forwards, top-tier liquidity, fast execution and spreads from near zero, Saxo Bank offers exceptional flexibility and value to forex traders. Advanced charting from TradingView is another plus for active forex traders.

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    Trade on 60+ forex pairs with no commission and competitively tight spreads from 0.6 on major pairs such as EUR/USD. This is a good selection of forex pairs and excellent pricing for commission-free trading, well below the industry average.

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    Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.

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    ThinkMarkets offers 46 forex pairs, including a decent variety of minors and exotics as well the majors. Forex traders also benefit from very tight spreads starting from 0.0 pips for the EUR/USD in the Zero account.

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    CMC Markets offers a superb list of 330+ forex pairs with tight spreads and ultra-fast executions. The selection of currencies is significantly wider than rivals.

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    FXTM offers 60+ forex pairs plus 6 indices which track a basket of popular currencies. The brand's ECN accounts offers impressive spreads from 0 with low commissions from $0.40 to $2 per lot and commission-free spreads start from 1.5 pips.

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    Trade FX pairs with tight spreads & leverage.

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    Trade 60+ forex pairs including majors, minors and a selection of exotics and crosspairs with fixed spreads from 1.8 pips or variable spreads from 0.8. FX traders also get advanced trading software in MetaTrader.

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    Trade over 90 pairs and keep costs to a minimum, with tight spreads and industry-leading commissions. Currencies can be traded 24/5 with no dealing desk intervention.

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    Trade 24 forex pairs via binary options. Such a small range of currency pairs is not that unusual among binary options brokers, and BinaryCent's high payouts up to 95% compensate for the lack of range.

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    Access over 40 currency pairs with no commissions and low spreads from 0.78 pips for EUR/USD. Forex can also be traded 24/5 on a choice of reliable platforms.

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    Go long or short on a range of major and minor currency pairs with tight spreads. Powerful trading software is available with a choice of instant and pending orders.

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    Trade 200 CFD forex pairs with DMA pricing and tight spreads, ultra low latency and high leverage up to 1:1000. The range of forex pairs available and pricing model are among the most attractive in the African market.

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    Capital.com offer a long list of forex CFD pairs for trading. All have competitive spreads. The firm also ensures negative balance protection

GBP/TRY Chart

Why Day Trade GBP/TRY?

  • Volatility – The GBP/TRY attracts investors from around the world. With wide spreads in slow periods and narrow spreads during busy periods, it allows for opportunities to profit off significant shifts in the pair’s value. Further, political uncertainty can also widely affect both the pound and lira.
  • Range of trading vehicles – The forex market sees high and extensive volume, so trading GBP/TRY can be done through many vehicles, such as options, ETFs and futures.
  • Diversification – An advantage of trading an exotic pair (i.e. without USD), allows investors to diversify and utilise distinct strategies to create profit.
  • Resources – With the tools available nowadays, creating forecasts and predictions on GBP/TRY doesn’t have to be so hard. Conduct technical analysis with access to live candlestick charts, real-time price movement, historical graphs and the best exchange rates. Many websites also give you access to investing forums with trader sentiment and market outlooks.

Risks Of Trading GBP/TRY

  • Lack of Information – As the Turkish lira is not a major currency, there is less technical information available, which can make the GBP/TRY challenging to forecast.
  • Wider spreads – GBP/TRY has less liquidity compared to major forex pairs like GBP/USD. Liquidity creates buying power, and its low levels can mean that it’s more costly to trade.
  • Volatility –  Shifts in the FX market can be unpredictable, making trading difficult for beginners. Thus, technical knowledge, such as support/resistance levels and pivot points are a good source to achieve success when trading volatile pairs.

Influences On GBP/TRY Movement

Central Bank Monetary Policies

Financial institutions can devalue or inflate their respective currencies, which can affect exchange rates. The Bank of England makes important decisions on GBP interest rates. Likewise, major decisions from The Central Bank of the Republic of Turkey affect the future performance of TRY.

Politics

Political uncertainty or stability can widely affect investor sentiment. For example, Brexit threw the British economy into a state of flux and ushered an era of uncertainty. On the other hand, geopolitical issues due to the current situation in Syria have impacted the Turkish economy.

Economic Conditions

Inflation and the GDP of a country can affect the average exchange rate. This is important because when economic growth is greater in one country it will strengthen against the other currency, and vice versa.

Balance of Trade

A country’s current account depends on the trade between the country and its trading partners. A current account deficit occurs if its spending more on foreign goods than it’s bringing in. For example, the UK current account deficit hit £97.9 billion in 2014 (5.5% of GDP), which presented a risk in the market’s perception of the UK. On the other hand, international trade is a big aspect in Turkey’s economic activity, so a large current account deficit would likely turn investors away.

GBP/TRY Currency Correlations

The GBP/TRY does not have a US dollar component, which makes it a cross. Cross currency pairs often move differently to majors. However, to some extent, they are still dependent on its movement. For example, the GBP/TRY can move in relation to GBP/USD and USD/TRY pairs. Pairs can either move with each other or in the opposite direction, which affects its correlation coefficient.

  • Positive correlation – This is when pairs move in the same direction as each other. For example, popular pairs, GBP/USD, AUD/USD and EUR/USD are all positively correlated. This is because the US dollar is the counter currency and any change in the US dollar will impact these pairs.
  • Negative correlation – This occurs when pairs move in the opposite direction. Popular pairs include USD/CHF, USD/JPY and USD/CAD. The base currency is the US dollar.

Application

A GBP/TRY trader can use this information to better understand the consequences of movement in certain pairs. Although it is important to note that correlations don’t remain stable. Economic factors and market speculation can create shifts in currency correlations.

GBP/TRY Day Trading Strategy

Timing

Successful GBP/TRY day trading rests on timing. While trading GBP/TRY seems hard, it typically involves trading during the highest levels of volume and volatility to generate profits above the cost of spreads and commissions. In other words, you should be trading during the ideal window.

While the forex market is open 24/5, it does not mean each of those hours is worth trading. So when is the ideal window? An hourly volatility chart of GBP/TRY will show that there is increased volume from 6am to 4pm GMT. After that, movement from each hour tapers off, which will likely have fewer big price moves to participate in.

Another thing to note is that the majority of UK monthly economic data news comes out between 7am to 9:30am GMT, which will likely cause higher volumes in the GBP/TRY pair. So, 30 to 60 mins before releases or 1 to 3 hours after releases are good times to trade as news can impact the pair’s value.

Strategy Tips

There is no perfect day trading strategy for GBP/TRY as exchange rates are affected by a range of factors, as covered above. There are many forex strategies to learn online. GBP/TRY live charts that span from 1 minute to 10 years and technical analysis are useful for creating forecasts or identifying trends.

Different strategies work for different people. Some may prefer pivot points, swap points and forward curves. However, it is important to do your own due diligence and research.

News

The latest market news and outlook can inform GBP/TRY trading strategies. This is because the pound and lira can shift in response to major news releases. Some news resources offer FX forecasts, spot rates, pre-market sentiments, historical data and the best GBP to TRY exchange rates. Here are some popular sources to consider:

  • XE, Coinmill and Post Office provide free real-time currency exchange rates and converters i.e. 1 GBP in TRY
  • Bloomberg’s FX Centre is where you’ll find markets news, data, analysis and more
  • DailyFX offers charts and covers financial market news for forex and other assets
  • Walletinvestor offers free forecasts for many forex pairs including GBP/TRY

History Of GBP/TRY

Before you start investing in the GBP/TRY, it’s useful to understand significant historical dates and its origins.

Early GBP & TRY

The British pound dates back to the Anglo-Saxon period in 775 AD, where silver coins, known as ‘sterlings’ circulated as legal tender. Having been around for 1,200 years, it is considered the oldest currency in the world. After a period of a specie-based monetary system dominated until the mid-17th century, the Bank of England was created in 1694, which was the first central bank in history.

It was around the 1700s when the UK started defining the pound’s value in terms of gold instead of silver. But eventually, it abandoned gold-backed money in 1931. After WWII, the UK joined a group of allied nations in signing the Bretton Woods Accords in 1944, where USD and GBP were designated as the global reserve currencies. This was when GBP was fixed to the US dollar. The Bretton Woods monetary system stayed in effect until 1971. However, since 1992, the GBP has existed as a free-floating currency.

On the other hand, the Turkish lira was initially adopted as the official currency by the Ottoman Empire in the mid-1800s. The Ottoman lira were gold coins used as currency while other coins that were lesser in value were also in circulation. These were called ‘kurus’ and ‘para’. In 1870, the first versions of Turkish lira banknotes were being printed and came into circulation.

The lira has had a volatile past and experienced devaluations and reconstructions, such as the replacement of the Ottoman lira in 1923 by the ‘First Turkish Lira’. This replaced smaller denominations of coinage with a standardised decimal system of currency. This shifted the Turkish currency from being largely specie-based into a modern form of currency. The First Turkish lira remained the official currency until 2005.

Recent GBP/TRY

Turkey faced constant inflation throughout the 20th century and in an attempt to achieve stability, they periodically pegged the currency to many globally prominent currencies. After 2005, the second Turkish lira was created, which is currently used in Turkey. For context, the exchange rate of 1 million First Turkish lira is 1 new TRY. Since then, it has led to a more stabilised rate of exchange.

A recent key event for Britain was the Brexit vote in 2016, which threw the British economy into a state of uncertainty. After the vote, the pound sterling saw its lowest levels since 1985 falling over 10% overnight and hitting $1.3236. Until this day, the referendum has had a lasting impact due to concerns over a successful Brexit outcome. For example, it has led to reduced trade with the EU, which was the biggest market of trade for the UK. This implied a reduced demand for its currency and a lower value for the pound.

In an attempt to restore stability and confidence in the economy, the Bank of England implemented a 10 year plan of quantitative easing, with near-zero interest rates and aggressive bond-buying. Despite this, the GBP has struggled to regain its pre-2008 level. Between 2008 and 2019, the GBP has fallen by more than 40% against USD.

Role Of GBP

When investing in the GBP/TRY pair, you should consider the role these two currencies play. This knowledge can give you a stronger position to make predictions about the market.

The UK’s economy is sixth in the world, with London being home to nearly 30% of daily forex exchange transactions. The British economy is primarily service-oriented, which is followed by manufacturing and agriculture sectors. Banking and insurance are key contributors to the UK’s GDP. Exports play a key role in the economy and the UK stands as the 10th largest exporter of goods and services abroad. Main exports include manufactured goods, fuel, chemicals and food. The main destinations being the US, Germany and France.

The British Pound is the world’s fifth most widely held reserve currency. In the forex market, the GBP currency accounts for around 13% of daily forex trading volume. Other commonly traded pairs include GBP/USD and EUR/GBP.

Britain has had a long history of global economic leadership and a strong currency. However, key political events, such as Brexit, have undermined the previous strong position of the pound. With that said, the volatility this brings provides day traders and short-term traders with good investing opportunities.

Role Of TRY

The Turkish economy is considered an emerging market economy due to its new industrialisation era. Turkey’s geographic location has also been key in its access to foreign trade as it falls on the Silk Road. Turkey has the 13th largest economy for global productions, which include textiles, automobiles, electronics and cement. However, Turkey is said to have a service-based economy as 50% of its workforce comes from service industries. Furthermore, the services sector makes up 70% of the total GDP, which is followed by industrial output and agriculture.

International trade is also a big aspect of economic activity for Turkey, with main trading partners including countries in the EU, followed by Russia and the United States. There is also a customs union being arranged with the EU to increase industrial production for exports.

Final Word On Trading GBP/TRY

As an exotic pair, the GBP/TRY offers great opportunities for diversification in a trading portfolio. It also promises volatility, attracting investors from all over the world. With all the tools at your disposal, it’s important to conduct technical analysis, make use of real-time exchange rates, historical graphs and more.

Whatever investing strategy you choose, maintaining risk management is important when trading with leverage. Furthermore, trading during the ideal investing window is key. It is also worth considering trading with a trusted OTC broker, such as Oanda.

Find out more about forex trading.

FAQ

What Type Of Currency Pair Is GBP/TRY?

The GBP/TRY is as an exotic currency pair. It consists of a major currency, GBP (British Pound) and an emerging currency, TRY, (Turkish lira). The GBP is the base currency, while TRY is the quote currency. It shows how much the GBP (base currency) is worth against the TRY (counter currency).

When Is The Best Time To Trade GBP/TRY?

The best time to trade GBP/TRY is between 6am and 4pm GMT. This is when the pair experiences the most volume and volatility, thus generating profits that exceed costs from spreads and commission.

Is The GBP Getting Stronger Against The TRY?

Pre 2008, GBP was a strong currency. However, after the financial crisis and the Brexit referendum vote in 2016, it has seen a negative trend in recent years. But with schemes like the 10-year quantitative easing, it is said to have circumvented extreme depressions. Nonetheless, it still holds a strong economy and is the world’s 5th widely held reserve currency.

How Much Is 1 GBP To TRY?

The live FX spot rate for GBP/TRY is constantly changing. See a live chart for the latest exchange rate between these currencies.

Should I Trade With GBP/TRY?

While trading major pairs like GBP/USD and EUR/USD are more popular, volatile and liquid, trading with the exotic GBP/TRY is a great opportunity to diversify your forex portfolio. Traders should practice strategies in demo accounts during the ideal investing window, keep up with the latest news and utilise resources like charts. When done right, traders can get decent profits from the GBP/TRY.