GBP INR 60 min chart analysis- support at 98.3

GBP INR 60 min chart analysis

GBP INR spot is trading at 98.75. On hourly chart pound is in uptrend against Indian rupee. Pound is trading above major averages with overbought bullish indicator patterns. On chart, 98.6 is first support and below 98.3 is major support and above it, traders must keep buy on dips view. On upside 99.75 and 100.8 rupees are strong resistances as well as targets in current scenario.

On indicators, CCI is hovering around 100 levels with bullish divergences. RSI is at 61, and heading towards 70 levels with bullish divergence.

On downside 97 and 97.4 are previous formed major bottoms and remain as supports and targets if pound fall below major average support zone.

On daily chart, pound is still in downtrend but bouncing back from oversold zone. 99.75 is 1-month average resistance zone and 100.8 is 3-month average strong resistance area. These will be targets for short-term traders if recovery continues. Traders must stay cautious, as Scotland, vote will increase volatility in British pound.

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Updated: 11/09/2014 — 8:29 PM

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Pramod Baviskar

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