GBP INR forecast 9 to 13 June 2014

GBP INR forecast 9 to 13 June 2014

GBP INR daily chart technical analysis

GBP INR spot on last trading session closed at 99.39 with gain. On daily chart, GBP INR price trend is down but momentum is building on long side as recovery move was seen from lows. Pound is now near month average and heading towards 3-month averages with strong recovery pattern on indicators. For next week, gbpinr support zones are 99 and 98.4 while on upside 100.3 and 101.5 are strong resistances. Traders above 98.4 keep buy on dips view for targets 100.3 and above.

GBP INR weekly chart technical analysis

GBP INR spot this week closed with gain. This was second gaining week for this currency after sharp fall from highs. This week gbpinr hit high at 99.57 while low was at 98.8. Total almost 80-paisa weekly range or almost 1% volatility and closed with gain on value buying. Pound is still holding its 12-month average and outperforming other currencies against rupee. GBP has taken support of its 12-month average and moving away which is bullish sign for it. On downside 98 if first support of 12 month average and below it 93 will be last long-term support for pound. While on upside 100.2 is first resistance of its 6 month average and 102 will be next one.

Investors above 98 keep buy and accumulate view for pound and expect higher targets in upcoming weeks.

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