GBP INR forecast 16 to 20 June 2014

GBP INR forecast 16 to 20 June 2014

GBP INR daily chart technical analysis

GBP INR spot on last trading session closed at 101.22 with gain. On daily chart, we has seen short-term trend breakout on price action as well as on volume action. Pound is now trading above its 3-month average with strong gains. On downside 100.25 is 3-month average and first support for GBP INR spot and below it 99.6 is 1-month average and next support zone. On upside 102 and 102.6 are strong resistances as targets for pound in next week. Daily chart indicators are bullish but overbought so long traders must stay cautious and cap profits with trailing stop loss.

GBP INR weekly chart technical analysis

GBP INR spot this week closed with huge gains on strong buying as well as short covering. This week we had seen high volatility. Pound had made low at 97.8 while high was at 101.37. Total 3.5 rupees or 3.5% volatility and pound closed with sharp gains on strong reversal after taking support at 12-month average. On downside 100.25 is 6-month average support and 98.1 is 12-month average level and nest major support. On upside 102 and 104 are strong resistance zones as well as upcoming targets if move continues. Weekly chart indicators pattern are bullish and suggesting rally will continue ahead.

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Pramod Baviskar

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