GBPGBP/INR

The Sterling Pound appreciated yesterday by 0.5 percent on the back of favorable services PMI data that expanded at the fastest pace in 16 years in the month of October. Further, gains were capped on account of strength in the DX coupled with mixed global market sentiments. The currency touched an intra-day high of 1.6062 and closed at 1.6044 on Tuesday.

UK’s Services PMI jumped to 62.5-mark in October from 60.3 level in September. British Retail Consortium (BRC) Shop Price Index was at -0.5 percent in October with respect to -0.2 percent in September.

Outlook

From the intra-day perspective, we expect Pound to trade on a mixed note on account of expectations of rise in manufacturing and industrial production from the country will lead to appreciation in the currency. While on the other hand, strength in the DX along with mixed market sentiments will add downside pressure on the Sterling Pound.

Technical Outlook valid for November 6, 2013

 

Trend

 Support

Resistance

GBP/INRNov’13(NS/MCX-SX)

Sideways

99.30/99.10

99.80/100.10

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CURRENCY MARKET GBP/INR TECHNICAL REPORT 06 NOVEMBER

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