GBP To INR Surges To Its Highest Level Since July 2021
GBP to INR exchange rate has been on an uptrend for the past 10 months. The pair had a sharp dip in March 2023 but experienced a V shape recovery hitting new local highs. The pair has now hit its highest level since July 2021 last week as it soared to 104 on Wednesday.
The British pound to rupee exchange rate has started this week very strong. After rising 1.13% last week, the pair has already increased 0.29% this week. The pound continued to gain strength on Wednesday as the Indian Rupee showed weakness.
Why Is the British Pound To Indian Rupee Rising?
There are many reasons behind the rallying British pound to the rupee exchange rate. The major factor seems to be the constant rate hikes by the Bank of England (BOE). As the rate hikes by the US Federal Reserve are strengthening USD, a similar strength is being observed in GBP due to the recent decisions of BOE.
After its meeting in May 2023, the Bank of England announced a 25bps hike. While the Reserve Bank Of India (RBI) appears to have paused the rate hikes, the Bank of England (BOE) still appears to be committed to further rate hikes.
GBP To INR Forecast 2023?
The latest GBPINR analysis shows that the bulls are back in business and have hit their highest level in almost 2 years. However, the RSI on the daily timeframe is showing a strong bearish divergence. Such divergences at critical resistances often result in a pullback.
Considering the following chart, GBP to INR forecast will remain bullish as long as the price remains above the 101.27 support level. In the coming days, the price may have a pullback from the 104 resistance level, which is visible in the following chart. A break above the 103-104 supply zone may trigger another major rally.
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