Buy GBPINR Above 94.13 Target 96.25 SL 91.95 - GEPL Capital
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News / Other data
* The pound’s rebound since hitting an all-time low may soon run out of steam as the challenges facing new Prime Minister Rishi Sunak have deepened following outgoing PM Liz Truss' economically damaging “Trussonomics” policies.
* The dollar edged higher on Monday despite another suspected foreign exchange intervention by Japan, while sterling was choppy after Rishi Sunak was picked to become Britain's third prime minister in the last seven weeks, and China's offshore yuan fell to a record low.
* Japanese policymakers on Monday continued efforts to tame sharp yen falls, including through two straight market days of suspected intervention, but ultimately failed to prop up the currency against persistent dollar strength.
* The Russian rouble stabilised on Monday, supported by a favourable month-end tax period and the prospect of upcoming dividend payments, which also pushed stocks higher, as investors looked ahead to Friday's central bank rate decision.
* The Russian rouble stabilised on Monday, supported by a favourable month-end tax period and the prospect of upcoming dividend payments, which also pushed stocks higher, as investors looked ahead to Friday's central bank rate decision. ? Japanese authorities are relying heavily on psychological tactics to fight yen bears, which means keeping markets guessing about their foreign exchange intervention rather than overt attempts to arrest the currency's decline to multi-decade lows.
Data inference
* Actual greater 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 negates the Lower Low, Lower High formation.
* Prices in the Latest trading session have again attempted 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 94.13 Target 96.25 SL 91.95
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