GBPINR Expected Movement 2022 - Future Forecast of GBPINR

Hello everyone,

Hope you are doing good! Today we will be discussing the GBPINR expected movement in the coming weeks.

Worried about the fall in GBPINR. It has weakened to 37-Year low and continued to depreciate to below $1.14, the lowest since 1985 as more data point to a looming recession in the UK, GBPINR at 91.00 level right now.

As per the technical, we can clearly observe that it is continuously falling from 101.00 level since Feb 2022, following a channel pattern showing a clear sign of weakness.

Retail sales in the UK sank 1.6% MoM in August, the biggest decline so far this year which also resulted in the cause of depreciation of the sterling.

The immediate support is at 90.50 level. Now what can happen next ?

Will it continue to depreciate or can bounce back to 91 or 92.00 level? Well, this we can conclude from the technicals. Taking other parameters into consideration, RSI is at 23.60 level , Stochastic RSI is about to show a cross at 1.4047 level and MACD is also showing a continuous fall in its momentum.

So here we can observe that the different parameters are showing a downfall except the stochastic RSI. So, GBPINR is taking a support at 90.50 level and if it will break this level it can directly fall to S2 i.e 88.00 in a month or two and if it will bounce back we can see a good resistance at 93.80 level. So lets see what will be the immediate movement in GBPINR in the coming weeks.

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