Pound to Rupee Tech Forecast
The Pound to Indian Rupee has broken convincingly above an important trendline and looks poised to continue rising.
Trendline breaks are significant pointers to future activity since they are often trend-changing events which lead to major follow-through moves.
This trendline goes back to 2016 and is quite important; the pair broke above it two weeks ago but pulled back after the initial break in what is known as a ‘throwback’ to the trendline.
Throwbacks are common phenomenon which once they have pulled back to the trendline often lead to a resumption of the uptrend again, as seems to have been the case with GBP/INR.
It now looks like the exchange rate will move higher but ideally we should wish to see a break above the 84.52 highs for confirmation, with 85.00 supplying the next target to the upside.
