GBP/INR

The Sterling Pound traded on a flat note yesterday on the back of strength in the DX. Also, mixed global market sentiments acted as negative factor.

However, positive housing data restricted fall in the Pound. The currency touched an intra-day high of 1.6068 and closed at 1.6036 on Thursday.

UK’s Nationwide HPI gained 1 percent in October as against a gain of 0.9 percent in September.

Outlook

From the intra-day perspective, we expect Pound to trade lower on account of strength in the DX. Additionally, weak market sentiments along with forecast for decline in country’s manufacturing data will add downside pressure on the currency.

Technical Outlook valid for November 1, 2013

 

Unit

 Support

Resistance

GBP/INR Nov’13(NSE/MCX-SX)

Sideways

98.90/98.70

99.40/99.60

READ MORE AT:
Forex Market Technical Report For GBP/INR 01 November

Leave a Reply

Your email address will not be published. Required fields are marked *