GBP/INR Analysis and Path Ahead

• 10 April, 2024 Ruchit Thakur

GBP/INR Analysis and Path Ahead

Morning Report: The GBP/INR pair is trading at 105.50 on the daily chart. Will it rise further or fall ?

The GBP/INR is currently trading near the crucial resistance level of 106.00-106.50, which is susceptible to both large supply and hard rejection, as previously stated in our research. Following that, the pair closed below the resistance level and is currently trading between 106.00 and 106.50. GBP/INR has a wide supply range of 106.50 to 108.00. We discussed how the GBP/INR may reach 103.50-104.00.

• The GBP/INR conversion rate dropped as supplies approached 106.50.
• According to the chart, GBP/INR may face increased negative pressure, with each gain signaling an opportunity to sell this pair.
• The Relative Strength Index (RSI) does not indicate a quick increase in the GBP/INR price.

Please refer to the above chart. The GBP/INR slid from 106.50 to 104.00 as sellers dominated the market, pushing the price lower as it approached 106.50. This was caused by the currency pair's high availability. We forecast in our previous study that the GBP/INR would reach 103.50-104.00 during the decline, and it did so last month. We also anticipated a pullback from the 103.50-104.00 zone to the 106.50 zone, as seen last week, signaling a large supply zone. However, given the poor demand for GBP/INR, this is merely a shorting opportunity.

GBP/INR fell further after reaching the critical threshold of 106.50. As we said in our most recent research, the GBP/INR was trading near 106.50, a resistance level. Negative divergence occurred when the price reached higher highs and the RSI sank to lower lows. This means that each increase provides an opportunity to sell the GBP/INR pair; continue shorting peaks and earning from dips before repeating the process. 

Additional losses produced a GBP/INR range of 103.50-104.00. According to the chart, the GBP/INR may experience more negative volatility in the coming days, with each spike indicating a potential selling opportunity for the currency pair.

Please refer to the daily chart to determine the GBP/INR support and resistance levels. Every level is represented by a spot chart.