GBPINR Looks To Break Below 102 Mark, UK GDP Awaited

Published on Nov 08, 2023 16:03

GBPINR NSE futures continue to extend decline on Wednesday, approaching the next crucial 102 mark level. The pair has been sliding all through the day and is currently quoting at 102.04, down 0.32% on the day. Meanwhile, pound has been treading water against the dollar overseas as greenback holds ground ahead of Powell speech later in the global day to understand the central bank�s future policy path. Several Fed members this week have indicated further rate hikes to contain inflation within Fed�s target. The U.S. dollar index, which last week clocked its sharpest weekly fall in about four months, is currently up 0.3% to 105.71. Meanwhile, GBPUSD pair is trading at $1.2246, down 0.42% on the day. Investors have turned cautious ahead of the UK Q3 Gross Domestic Product (GDP) data due this week.