Way2Wealth has come out with its report on currencies. According to the research firm, one can sell GBPINR around 95.00 for target of 94.75 / 94.50 with a stop loss of 95.30
USDINR (62.83)
Exactly as we mentioned in our weekly report, the week kicked off on a strong note for USDINR. The pair surged towards the 63 mark on excellent US Job's data. However, some possible intervention from central bank curbed further fall in INR.
The hourly chart now depicts a huge gap between 62.60 62.80 levels. In the upcoming session, the pair might consolidate in the given range after such a steep rise. On
the higher side, 63.05 will remain a key resistance.
GBPINR (95.00)
In line with the bearish view, yesterday GBPINR started the session with a gap down opening and tumbled below the target of 95 and recovered a bit in the second half.Overall the pair closed with a loss of 0.31%.
In the upcoming session, yesterday's low of 94.76 will now act as an immediate support for the pair. A move below the same might further drift GBPINR towards 94.50 mark.
EURINR (68.39)
Similar to GBPINR, even EURINR traded with pessimism throughout the session. The pair sneaked below the FLAG support of 68.95 and approached the target of 68.00 to close with a percent loss.
We continue to remain bearish on the pair for the coming sessions also. In such scenario a breach of 68.22 level can bring the pair further lower towards 68.00 and 67.50
levels.
Currency : GBPINR
Action : Sell Around
Entry : 95.00
Target : 94.75 – 94.50
Stop Loss : 95.30
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
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Sell GBPINR around 95.00; target of 94.75/94.50: Way2Wealth
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Sell GBPINR around 95.00; target of 94.75/94.50: Way2Wealth
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