Pound rupee future today closed at 851 with huge gain. We saw intraday high around 85.19 and closed near high with strong gain. Pound rupee future already achieved my bullish swing target of 84.65 with high of 84.67 in last trading session. Today we saw low of 84.42 and pound hit 84.65 again and given strong bullish breakout above it with strong price action and on volume for next swing target of 86.55 rupee which is also major resistance for month of September.
Pound rupee daily chart, shows price trend is strong bullish and momentum is building for upside with sharp short covering at every upside. We saw trend reversal for pound at 83.3 level with bullish breakout then pound achieved my 84.65 target and now heading higher for next swing target. On downside 84.43 is 5 days average level below that 83.63 is 20 day average and 83.4 is 50 days average level and strong support zones. Daily chart RSI is 69 and entering overbought zone and MACD is above zero with strong rally signal.
Pound rupee weekly chart price trend is now bullish and this week we saw breakout above 50 weeks average level of 84.65. This will be third weekly gains for pound. On downside 84.65 is 50 weeks average support while below that 84 is 5 weeks average level and next support on weekly chart. Below it 83.5 is 20 weeks average and last support zone. Weekly chart RSI is at 57 with bullish divergence and fresh long term buy signal while MACD is now above zero with corrective fresh buy signal.
Pound in month of September opened positive and heading towards 83.25 resistance level. And we saw breakout above 83.25 with strong price action and on volume and pound achieved first buy target of 84.65 and now heading for 86.55 resistance zone of this month.
From investment point of view, pound is downtrend and recorded 2017 low near 80 and then bounced back towards resistance level of 88.5 and we saw high of 85.19 in Aug. and today also hit high of 85.19. Now fresh weekly chart price pattern suggesting prices made bottom around 82.5 and heading for 88.5 long term resistance zone.
In last 7 months, pound rupee future 3 negative months and 4 positive months and prices recovering towards historic resistance zone. In month of august we saw profit booking and range of 3 rupee plus on profit booking as well as on fresh selling. Now September opened with positive move and prices moved from low of 82.8 to today’s high of 85.19 rupees.