GBP INR Monthly report for November 2016

GBP INR Monthly report for November 2016 Free Pound rupee monthly tips for nov 2016 Gbp inr future on last trading session closed at 82.08 with gain. Pound after strong fall building bse in 81 to 82 rupee zone and forming rounding recovery bottom. Gbp inr future price trend is down but technically this currency is oversold and showing recovery signs on lower levels. For month of November, gbpinr future below 83.4 remain sell or weak. On downside 79.6 and 77.55 are support zones as well as target levels if downtrend persist. But current price and indicators pattern suggesting gbp inr future is bottomed out and now moving towards monthly pivot level of 83.4. Above it gbp inr future month trend will be bullish and trading strategy will be buy on dips. Above 83.4, gbpinr future November series targets will be 85.45 and 89.25. Recent low of 81.3 will be base and major support as well as stop loss for short to medium term long positions. Position currency traders can buy gbp inr future on decline with stop loss below 81.2 for targets 83.4 and then 85.45 in medium terms. Gbp inr weekly chart showing oversold pound and early recovery signs from medium to long term view. Investors here can buy and accumulate gbp inr future for recovery targets of 84 and then 91 rupee with stop loss. Risk remain high as current fundamentals are not supporting pound. 98.5 is major long term hurdle for pound and expect long term uptrend above this level only.

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Pramod Baviskar

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