![]() It may be prudent to liquidate/hedge outward remittances on any slide towards 99.20 levels by buying GBP currency against INR. Likely range would be 99.10-103.10 with choppy moves on either side. The pair is expected to break this barrier and head north. The currency pair is facing strong resistance at 102.10 levels. Current exchange rate of GBPINR is 101.32. It made an attempt towards 102 for the second time closed at 101.32. The GBPINR foreign currency pair broke the downward sloping trend channel after nearly 14 weeks. From a remittance perspective it would be prudent to book any outward remittances on slide towards 87.80 levels and the inward remittances by selling EUR currency against INR around 90.20 or higher if seen. It is prudent to look for key levels to hedge the risk. Any breach of the range would lead to 100 pips move. Likely to undergo consolidation phase between 87.80 & 90.20. However, further gains were muted and the pair made an inside candle. After the break of crucial resistance at 87.80 during the earlier week, the currency pair managed to hold on to the gains well supported at 88.50 zone. EUR/INRĬurrent EURINR exchange rate is 89.13. Current exchange rate of USD/INR is 82.16. With this back drop it would be preferable to hedge the outward remittances on decline towards 81.70 or lower if seen. The increased volatility and wild swings likely to continue ![]() If breached, we may see another spike towards 85.70. The 82.75-83.25(with error adjustments) zone is the Fib projection of July 2011 to July 2013. As noted in the previous blog, continue to keep the following input for quick reference.The raising upward channel indicate the broader range of 77.10-83.30. ![]()
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