GBP INR trend analysis 26 to 30 May 2014
GBP INR daily chart technical analysis
GBP INR spot on last trading session closed at 98.48 with gain. On daily chart pound is in downtrend again rupee and trading at fresh low. On daily chart, GBP INR spot support zones are at 98.3 and 97 while on upside 100 rupee is 1-month average and first resistance and above it 100.8 is 3-month average and next major resistance level. On daily chart, indicators are oversold but off the lows so expect technical bounce back ahead.
For next week, traders keep contra view here and follow buy on dips view with strict stop loss in place. On upside 100 to 100.8 will be targets for short covering rally.
GBP INR weekly chart technical analysis
GBP INR spot this week closed with loss. This was forth losing week for pound and in these 4 weeks pound tumbled from 102 to 98 rupees. On weekly chart pound is still in uptrend but momentum is bearish because of profit booking. Pound just closed above its 12 month average of 97.9 below it 93 rupee will be nest strong support zone of its 2 years average level. On upside 100.3 and 102.5 are strong resistances. Weekly chart indicators patterns are bearish but oversold so expect bounce back ahead.
Investors watch 12-month average if gives reversal here then that will be best buying opportunity for big upside targets up to 101-102.5 rupees. Below 97.5 closing, means we may see another sell off up to 93 rupees.