Gbp inr weekly-correcting towards targets 84.4 and 83.7

pound rupee futures outlook for next week 12 to 16 Dec. 2016

Pound rupee futures outlook for next week 12 to 16 Dec. 2016

Pound rupee future this week closed with loss at 85.15. Pound is in uptrend against rupee and hit my upside target of 87. Seen strong supply at 87 level and now correcting towards month pivot support of 84.4 rupees. For next week, gbp inr future outlook remain weak on correction. Pound correction phase might turn into bearish trend on news flow and daily chart as well as weekly chart patterns suggesting the same.  

For next week, my gbp inr trading strategy below 85.75 remain sell for targets 84.4 and then 83.7.

  For month of December, weekly closing below 84.4 means fresh downtrend and lower level targets up to 82.9 and then 80.4.  

From long term view, gbp inr heading for 84 rupee level. And if closed below it on weekly basis then expect it will be super bearish signal for targets 77 and 69.

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Pramod Baviskar

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