Sunday, March 26, 2017

GBPINR Intraday Outlook : 27.3.2017

GBPINR Intraday Outlook : 27.3.2017
NIFTY FUT  TREND             : SELL ZONE
BANKNIFTY FUT  TREND  : SELL ZONE

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The pound drifted lower, pushing back under 1.2500 versus the dollar after a run to 1.2507, turning well short of thursday's four-week peak at 1.2531. The pair has presently bounced back to 1.2527, covering Friday's decline. On the week, the quid is mixed, up 0.8% versus the dollar, fractionally firmer versus the euro, but down by 0.7% versus the yen. Brexit-related concerns appear to be offsetting this week's strong data out of the UK, which included a stronger than expected rebound in February retail sales data after notable weakness in December and January, and a spike in headline CPI to 2.3% y/y in February from 1.8% in the month prior. Cable support is at 1.2460-63 ahead of 1.2425.

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