SYP: Waiting For A Big Drop

Our near-term outlook for the Syrian pound is bearish. After trading in a tight sideways band for over five months in the SYP47.40/US$ range, the currency has since sold off and was trading at SYP49.82/US$ on November 18. With no technical support at this level, we have set a short-term target for the pound at SYP50.50/US$. Against the euro, we expect the unit to head to SYP68.00/EUR (compared to SYP67.46/EUR currently).

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