GBP/INR Analysis

• 29 December, 2023 Ruchit Thakur

GBP/INR Analysis

Morning Update: GBP/INR trades near 106.50 resistance level on the daily chart, Will it bounce or reverse ?

GBP/INR is trading around the important resistance zone of 106.50 since last week and it is facing strong rejection around these levels.

• GBP/INR bounced from the 100.50-101.00 zone and went up straight towards 106.50 levels.
• As per the chart we may witness a down move as GBP/INR faces a strong resistance zone of 106.50 on the daily chart.
• Relative Strength Index (RSI) suggests a down move as price is not getting any further demand.

Please check the above mentioned chart, GBP/INR went up from 100.50-101.00 zone to 106.50 levels in November as the pound appreciated against the rupee and showed good strength. After touching 106.50 zone GBP/INR is facing a strong supply and price is getting rejected as sellers are dominating and pushing price downward towards the 103.50-104.00 zone.

Further, we can also see in the above chart that, Relative strength Index (RSI) is not suggesting any up move as price is making higher highs but RSI is making lower lows which suggests a RSI negative divergence on daily chart and we can expect a downmove in GBP/INR.

Downside is open for 103.50-104.00 zone and below that 102.50 is open for GBP/INR. Chart is suggesting a bearish move ahead in GBP/INR and we may expect down move in GBP/INR in coming days.

Please check the support and resistance level of GBP/INR on the daily chart. All levels are in spot chart :