Turkish Lira is Overvalued According to the Financial Expert

According to the analyst from CNBC, the Turkish Lira is currently overvalued as the country is facing problems with inflation and national debt. This can lead to a drop in the currency rate.

To save the position of Lira, there is an option to establish a gold-backed currency, according to the expert.

Indeed, the rate of Turkish currency might keep decreasing against the US Dollar. The pair has been consolidating in the narrow range since mid-June 2020, gathering efforts for a blast. In terms of the technical analysis, the first target is $7. However, the sideways trading prevails as the trading volume is still not enough for a sharp move up or down. At the moment, the Turkish Lira is trading at a value of 6.85 per 1$.