The opening levels of GBPINR in the month of April By Heena Naik, Angel Broking
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Below are Views On The opening levels of GBPINR in the month of April By Heena Naik, Research Analyst - Currency, Angel Broking Ltd
- The opening levels of GBPINR in the month of April was 100.75. From there it went on to surge towards 103.05 on 7th Apr’21 and since then has been trading in a range bound manner with a slight bullish bias.
- Reason behind this uptrend in the currency could be attributed to weakness seen in the Indian Rupee that has weakened by more than 1 percent in the last two days owing to volatility prompted by the RBI’s bond buying plan in the recent RBI Policy meeting.
- On the other hand, GBPUSD has entered the negative zone by weakening towards 1.3717 from 1.3900 levels in the last four days.
- This bearish trend was after the Europe’s drug regulator founded a link between AstraZeneca’s Covid-19 vaccine and blood clots.
- In fact, the UK medical regulator abruptly changed its guidance over the vaccine too which could complicate the vaccination campaign in the future.
Above views are of the author and not of the website kindly read disclaimer
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
