GBP INR outlook for 3-7 March 2014

GBP INR outlook, weekly forecast, price analysis, technical analysis,charts and tips for 3 to 7 March 2014.

GBP INR daily chart technical analysis

GBP INR spot on last trading session closed flat negative. On daily chart, English pound price trend and momentum both bullish against Indian rupee. Trading above all short-term averages and daily chart indicators pattern are bullish suggesting upside in next week.

For next week, GBP/INR support zones are 103 and 102.2 while on upside expect strong resistances at 104 and 105.1. These will be targets zones for next week. Traders above 103 on closing basis keep buy on dips view for upside targets. Strong pound in international markets will reflect its momentum here so keep buy on dips for now.

GBP INR weekly chart technical analysis

GBP INR spot this week closed with gains. This week GBP INR low was at 102.88 while high was at 103.93. Total 1 rupee plus range or almost 1% range and closed with gains. On weekly chart, GBP INR price trend and momentum both are strong bullish.

Prices are way above medium to long-term averages due to underlying heavy demand.

From medium to long-term view, 100.25 is GBP INR 6 month average level and first major support zone. In between 102 also a small support zone on weekly closing basis. On upside, 105.5 is only resistance zone and targets for medium terms. Any weekly closing above that means 108-111 levels for pound in long terms. GBP INR weekly chart indicators are bullish but near overbought zone so stay cautious and keep strict stop loss in place.

The Author

Pramod Baviskar

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