GBP/INR Holds Support Amid Rupee Weakness and Bullish Momentum

The Pound Sterling versus Indian Rupee (GBP/INR) pair is currently trading at ₹128.028, up 0.55% for the session. The pair remains above key moving averages, indicating strong underlying support despite low intraday volatility.

The Indian rupee has weakened to its lowest level in over two months due to equity outflows and anticipation of the Reserve Bank of India's monetary policy decision. Bond markets are pricing in tighter conditions, and foreign exchange reserves have dropped sharply amid central bank intervention.

Technically, GBP/INR is showing bullish momentum with key indicators like MACD, ADX, and Awesome Oscillator suggesting buyer dominance. However, oscillators such as RSI, Stoch RSI, and CCI are in overbought territory, signaling potential short-term consolidation or minor pullbacks.

For the next 2-3 days, GBP/INR is expected to trade within a range of ₹127.354 to ₹128.634. A breakout above this range could trigger renewed buying interest, while a close below the Ichimoku Kijun support at ₹127.598 would confirm a bearish scenario.