GBP to INR exchange rate has been on the rise since September 2022. After a major pullback at the start of 2023, the GBPUSD pair is once again on the rise. The pair hit its highest level since October 2021 last week as it soared to 103.76. However, it failed to gain strength in a massive supply zone and had a pullback.
The British pound to rupee exchange rate has started this week very strong. The pair had a 0.66% surge in the first trading session of the week. The pound continued to gain strength on Tuesday as it added another 0.05% to its gains.
Why Is GBPINR Rising?
There are many reasons behind the rallying British pound to the rupee exchange rate. A major factor is a recent drop in the dollar strength (DXY) index. The falling DXY has weakened dollar in terms of major currencies. Thsi also acted as a tailwind for the GBP to INR pair.
Another reason behind the strengthening British pound is the recent rate 25bps hike by the Bank of England. While the Reserve Bank Of India (RBI) appears to have paused the rate hikes, the Bank of England (BOE) still appears to be committed for further rate hikes.
How High Can GBP To INR Go?
The latest GBPINR analysis shows that the bulls are losing momentum after a major upward rally. The RSI is showing a very weak bearish divergence but the bullish market structure is still intact. This shows that the bulls are still very much in control and may target more upside.
Considering the following chart, GBP to INR forecast will remain bullish as long as the price remains above 101.27 support level. In the coming days, another retest of the 103-105 supply zone is the most likely scenario. Bulls need to break above 105 level to target a new all-time high.
I’ll keep sharing my updated price outlook on GBPINR and other forex pairs in my free Telegram group, which you’re welcome to join.
