GBP/INR is attempting a quick recovery in early trading on Wednesday, after losing 0.52% yesterday. At the time of writing, the pair is trading at 97.641, up 0.30%. The bullish mood has consolidated after the UK released GDP data for the second quarter.
On the hourly chart, the price has to break above the resistance line of a downtrend that started on August 6, if it plans to end the correction phase and continue the longer-term rally. The correction started right after the pair hit the highest level in four years last Thursday.
The support for the price is near 97.200, which is today’s bottom that coincides with the lowest since the end of July. The resistance would show up at around 98.000.