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Great Britain Pound / Turkish Lira (GBP/TRY)

Stay informed with the Great Britain Pound (GBP) against the Turkish Lira (TRY) exchange rate. Get expert market insights and live data at FP Markets Ethiopia.
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Great Britain Pound / Turkish Lira (GBP/TRY) Profile

Τhe Britain pound (GBP) and the Turkish Lira (TRY) is exotic currency pair that offer attractive investment opportunities to forex traders. The GBP is one of the world's major currencies, whilst the TRY is one of the world's more exotic currencies. The GBP/TRY may become a pair of choices for many CFD traders as it offers a more volatile but less liquid environment.

The Great British pound (GBP) is the 4th most traded currency in the forex market after the United States dollar, the Euro, and the Japanese yen. Along with those 3 currencies and the Chinese yuan, it forms the basket of currencies which calculate IMF special drawings rights value. The British pound represents the oldest currency in continuous use. It is the official currency of the Sandwich Islands, the Guernsey, Jersey, British Antarctic Territory, the Isle of Man, Tristan da Cunha, and the Isle of Man United Kingdom.

The Turkish lira was introduced in early 2005, and it was equivalent to 1M of the old Turkish lira. Throughout its history, the currency has been pegged to the British pound, French franc, and both hard and soft pegging to the U.S dollar. Today, there is no longer an explicit peg, but Turkey actively intervenes in the currency markets and influences the Turkish lira's value.

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Great Britain Pound / Turkish Lira (GBP/TRY) Trading FAQ

The best time to trade the GBP/TRY is when both the London and Istanbul markets are open. From around 07:00 GMT to 15:00 GMT, most news concerning both regions comes out around this time period. Outside of these hours, trading volumes tend to be very thin.

The GBP/TRY rate highly depends on the interest rate decisions made by the Bank of England on the one hand and the Central bank of Turkey on the other. There are also some other factors that can affect this currency pair, including Brexit uncertainty, global economic slowdown and US-Turkey trade relations.

As you may already know, trading via CFDs (contracts for difference) is one of the most popular approaches when dealing with currencies such as GBP and TRY. While there are numerous Forex brokers out there. Try to find one that suits your needs. Such as FP Markets, a fully regulated broker that offers all types of platforms and accounts, to suit every need.

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