Indian rupee (INR) has shown a lot of weakness in the last few days. This has resulted in a rally in GBP to INR rate which has now risen to its highest level since 6th September. There are multiple headwinds for the Indian currency which are contributing to this decline.
On Wednesday, the British pound is consolidating after a very strong surge against the US dollar. However, the GBP/USD pair still showed minor gains till press time. On the other hand, the GBP/INR pair slid 0.01% during its London session, but the outlook remained bullish as the pair traded above a critical resistance level.
You can clearly see the strength of the British pound to Indian rupee exchange rate from the following chart. This chart shows the price action of the GBP to INR forex pair on a daily timeframe. Consequently, bulls may target the next resistance level of 105.33 in the coming weeks.
The invalidation of this bullish outlook will be an acceptance into the supply zone which lies beneath the 104.13 level on the chart.
This post was last modified on Nov 22, 2023, 12:26 GMT 12:26