Buy GBPINR above 96 Target 97.37 SL 94.95 - GEPL Capital
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News / Other data
* The dollar loomed over major peers on Thursday as Treasury yields peaked at multi-year highs, while the yen tumbled to a fresh 32-year low and kept markets on high alert for any signs of an intervention.
* Sub-Saharan African banks are increasingly worried about funding costs, an annual survey published on Wednesday found, as soaring interest rates both on the continent and globally make financing more expensive.
* The dollar bounced from two-week lows on Wednesday as benchmark 10-year Treasury yields rose to 14-year highs, while sterling weakened after hotter-than-expected UK consumer price inflation fueled concerns about a deeper recession.
* The Russian rouble strengthened on Wednesday, climbing to a near two-week high against the euro as the finance ministry held OFZ treasury bond auctions for just the second time since Moscow sent tens of thousands of troops into Ukraine in February.
* Bank of Japan policymakers on Wednesday stressed the need to keep monetary policy ultra-loose to shield the economy from heightening overseas risks, ruling out the possibility of raising interest rates to slow the yen's slump to 32-year lows.
* The U.S. dollar edged higher in early European trading Wednesday, bouncing from a two-week low, while sterling slipped back after U.K. inflation jumped to a 40-year high.
Data inference
* Actual greater than 'Forecast' is good for currency
* 'Actual' less than 'Forecast' is good for currency
Chart for the day
Observation
* On looking at Daily chart of GBPINR, Prices after a downtrend have given a breakout of Prior swing high with a faster move and a gap, The Gap is sustained y the current price action.
* Prices on 27th October 2022 gave a breakout from the Inverse Head and shoulder Pattern hinting towards the beginning of the trend on the upside.
* Prices have sustained above 20 Days EMA which was acting as a resistance for the Prices.
* RSI plotted on the Daily timeframe have shown a swing failure which reflects the rising momentum in the prices.
Inference
Buy above 96 Target 97.37 SL 94.95
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