GBPINR Intraday Outlook : 31.3.2017
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
NIFTY FUT TREND : BUY ZONE
BANKNIFTY FUT TREND : BUY ZONE
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British Pound is trading at 1.2494, making two-day’s high of 1.2529. The well-anticipated triggering of Article 50 yesterday hasn't had much impact. Now markets to focus on the European Union who will submit its official response to the U.K. and according to a leaked draft of the initial withdrawal guidelines, they won’t be very accommodative in the first round of negotiations. The power has shifted to the EU and there is talk that it might refuse to concede on a free-trade agreement for the next 2 years. The EU also wants Britain to pay 60 billion euro’s as part of the divorce settlement with some officials ruling out discussions on trade before PM May agrees to settle the country’s financial commitments. Today in terms of economic data we have Q4 GDP, Q4 Current Account and Business Investment data to be reported. We prefer selling GBP/USD pair on any rise in near term ahead of Brexit negotiations with EU.