GBP INR daily chart technical analysis
GBP INR pair on last trading session closed at 102.09 with gains. On daily chart, pound rupee price, trend and momentum both are down. Prices are trading below short term averages with bearish divergences on indicators.
For next week, GBP/INR support zones are 101.5 and then 100.2 while on upside 102.3 is 3-month average level and strong resistance while above that 103.8 will be next strong resistance zone.
Traders below 102.3 on closing basis keep short view for GBPINR future and expect downside support zones as target levels.
GBP INR weekly chart technical analysis
GBP INR pair this week closed with loss. This week pound rupee hit high at 103.86 while low was at 101.78. Total 2 rupee plus or 2% plus swing in week and closed with losses as rupee sees inflow from FII. GBPINR weekly chart price trend is up but momentum is fizzling out as investors taking profits off the tables.
On downside 100.3 is 6-month average level and first support zone on weekly chart. Below that 96.6 is 12 month average and strong long-term support for English pound. On upside now resistance zones are 104 and then 105.5.
Positional traders above 100.3 levels keep buy on dips view for upside targets.