GBP/INR started the session off on the wrong foot, though the pound has managed to bounce back and get closer to the psychological level of 98.000. At the time of writing, one British pound buys 97.822 Indian rupees, up 0.10% as of 8:20 AM UTC.
Yesterday, the price has managed to break above 98.000 but couldn’t consolidate there. It has declined abruptly to around 97.700 and has been trading sideways since then, waiting for clues.
The pair found support near 97.630, though a more reliable support is at 97.200. The resistance remains at 98.000, which the price managed to break on several occasions this week.
On the hourly chart, all moving averages and oscillators, except Stochastic, are suggesting Strong Buy signals.
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