One pound coin

GBP/INR is extending (link to previous article) the rebound that started on Wednesday. Currently, one British pound buys 97.853 Indian rupees, up 0.40% as of 6:15 AM UTC. Yesterday, the pair gained 0.12%, closing at 97.466.

The price has managed to break above the resistance line of a downtrend that started last Thursday. Thus, it might attempt to continue to longer-term rally and potentially update the highest level in four years, which was touched last week.

On the hourly chart, the pair sees strong support at around 97.200. The next resistance is at 98.000, where the pair started the week.