Trading View: GBP/INR April flirts with fifty day moving average.

By: Admin
29047

Insignia Consultants

New Delhi

Tuesday, March 30, 2021  TIME 9:17 AM IST                               

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Trading View: GBP/INR April flirts with fifty day moving average.

Gbp/inr April is trading at 100.7100 in NSE. Fifty day moving average is around 100.80. UK pound is firm against the US dollar as bank of England is not expected to cut interest rates below zero this year. Bond yield gap between UK and USA is the narrowest among the G7 nation peers. It is not the actual growth rates which will dictate currency price moves. It is rather expected growth rates of second quarter and further quarters of various nations which will dictate currency price of every nation and not just cable.

Technical trend for GBP/INR near term future.

  1. Key short term support is at 99.5425.
  2. One hundred day moving average is around 99.7900.
  3. Fifty day moving average is at 100.80.
  4. Gbp/inr near term future can rise to 102.4975 and 104.5025 over the next four weeks to six week as long as it trades over 99.5425.
  5. Gbp/inr will crash only if 101.4425 is not broken in the next two weeks to 98.4875.

Rupee has not weakened significantly against the US dollar despite spread of covid. Trend of rupee against the US dollar will play a bigger role in dictating gbp/inr price than trend of gbp/usd.

Disclaimer: Any opinions as to the commentary, market information, and future direction of prices of specific currencies, metals and commodities reflect the views of the individual analyst, In no event shall Insignia Consultants or its employees  have any liability for any losses incurred in connection with any decision made, action or inaction taken by any party in reliance upon the information provided in this material; or in any delays, inaccuracies, errors in, or omissions of Information. Nothing in this article is, or should be construed as, investment advice. All analyses used herein are subjective opinions of the author and should not be considered as specific investment advice. Investors/Traders must consider all relevant risk factors including their own personal financial situation before trading.Website www.insigniaconsultants.in. Prepared by Chintan Karnani. Customer care, whatsapp/telegram 9311139549

Disclosure: Members, employees, directors, clients and all other people associated with “Insignia consultants” do trade in MCX metals and energies. They may or may not have positions on the trading strategies mentioned in this report. They may also have open positions in MCX metals and energies futures in trading strategies other than those mentioned in this report.

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