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Apply the following strategy while trading in forex market wrt Great Britain Pound (GBP) / Indian Rupee (INR)
Buy GBP / INR future in the range of 98.70-99.30, Target1:101.50, Target 2:103.10 Stop loss: 97.2
Rationale:
In March, we observed the GBP witnessed some weakness against the US$ while the INR appreciated strongly against most global currencies, which forced the GBP / INR to see a decline with sizeable long liquidation. In the last few trading sessions, the GBP / US Dollar has seen a jump back to 1.65 levels. Historically, the GBP / INR has managed to find good support near the 98.80-99.40 region. Also at the current juncture, the 200 daily moving averages are also near 99.30. Hence, we suggest going long on the currency pair in the 98.70-99.50 region.
Remember that Forex market has lot of uncertainty as this market never sleeps and thus better to stick with sure shot Indian equity market tips and trade like professionals as we know the ins and outs of Indian market.
Buy GBP / INR future in the range of 98.70-99.30, Target1:101.50, Target 2:103.10 Stop loss: 97.2
Rationale:
In March, we observed the GBP witnessed some weakness against the US$ while the INR appreciated strongly against most global currencies, which forced the GBP / INR to see a decline with sizeable long liquidation. In the last few trading sessions, the GBP / US Dollar has seen a jump back to 1.65 levels. Historically, the GBP / INR has managed to find good support near the 98.80-99.40 region. Also at the current juncture, the 200 daily moving averages are also near 99.30. Hence, we suggest going long on the currency pair in the 98.70-99.50 region.
Remember that Forex market has lot of uncertainty as this market never sleeps and thus better to stick with sure shot Indian equity market tips and trade like professionals as we know the ins and outs of Indian market.
