GBP INR technical analysis 24 to 28 March 2014

GBP INR Technical analysis, forecast, predictions,  price analysis, technical analysis,charts and tips for 24 to 28 March 2014.

GBP INR daily chart technical analysis

GBP INR spot pair on last trading session closed at 100.31 with loss. On daily chart, pound-rupee pair price trend and momentum both are down. Pound is trading below all short-term averages with bearish divergences on indicators. For next week, GBP INR support zones are 100 and 98.8 while on upside 102 and 103.2 are strong resistances. 102 is its 2 and 3 month average zone. Indicators are bearish but near oversold zone so expect short covering ahead.

Traders above 99 keep buy on dips view for technical bounce back up to 102.

GBP INR weekly chart technical analysis

GBP INR spot pair this week closed with loss below its 6-month average. This week pound-rupee hit high at 101.69 while low was at 100.29. Total 1.3 rupee or 1% plus weekly swing and closed in red. This was 3rd losing week for English pound against Indian rupee. On weekly chart, GBP INR has resistances at 100.5 and then 104 while on downside supports are 97, which is its 12-month average, and 91.6, which is its 2 years average. Weekly chart indicators patterns are bearish and with fresh sell signal.

Below 100.5 hold short view and expect downside targets up to 97-98 in upcoming weeks.

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Pramod Baviskar

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