GBP INR daily chart technical analysis for 24 to 28 February 2014
GBP INR spot on last trading session closed at 103.17 with loss. On daily chart, GBP/INR trend is bullish while momentum is losing out because of correction. Prices are still trading above its month and 3-month average. Daily chart indicators pattern are bearish and suggest downside in next week for GBP/INR.
For next week, GBP/INR support zones are 102.8 which is month average zone while below that 101.9 is GBP/INR 3month average zone and last support from short-term view. On upside 104 and 105.2 are strong resistance zones as well as target levels for next week.
Short-term traders above 102.8 keep long view and must follow buy on dips trading strategy. Maintain stop loss below support and expect targets levels on upside.
GBP INR weekly chart technical analysis for 24 to 28 February 2014
GBP INR spot this week closed with loss. This week GBP/INR high was at 104.18 while low was at 102.85. Total 1.3 rupee or 1.5% weekly range and closed with loss because of profit booking. Prices are very above all medium to long-term average and still reflecting strong buying demand of English pound. Weekly chart indicators are still hovering near overbought zone and still with bullish divergences.
From medium to long-term view, GBP/INR first major support is at 100-rupee level, which is its 6-month average zone. On upside 105 is only resistance. Any weekly closing above it open target levels of 108-111 for GBP.
Investors and swing traders above 100 keep buy on dips trading or investing view. On upside 105 and then 108 still are target zones for GBP/INR.