gbpinr daily chart technical analysis
gbpinr spot pair last closed at 90.48 with loss.on daily chart pound rupee trend is super bullish but momentum is is mixed as showing some correction/consolidation signs.
on daily chart gbpinr spot trading above all short term averages.on chart 90.33 is week average and first support on downside.90.15 is month average and 88 is 3 month average and last support from short term view.
on indicators gbpinr cci is –55 and off the lows.while rsi is at 55 and forming corrective pattern on chart.
gbpinr weekly chart technical analysis
gbpinr this week closed with gains.after last 2 weeks correction pound this week retraced on upside against rupee and closed with gains.this week gbpinr hit low at 88.95 while high was 91.07.total 2 rupee week range and closed with gains.
on weekly chart gbpinr trend is strong bullish and momentum is mixed.all major average are way down in 83.5 to 86.5 zone.on upside 92 is clear top and major supply point from medium term view.
on indicators,gbpinr cci is +141 and came off highs significantly.while rsi is at 60 and still with bullish divergence.
gbpinr report for 15 to 19 july 2013
for next week,gbpinr outlook remain bullish as pound recovering against dollar.strategy remain buy near support and expect target at 91-92-93 levels.88 will be best level to enter long from short term view.
from medium to long term view,92 is first target and then 95 while on downside last bottom of 89.5 remain as trailing stoploss and for new investors strict stoploss.in major rupee fundamental change can show deeper correction in all pairs so must trade with strict stoploss to protect capital and profits.