Gbp inr weekly-heading for support 82.32

Pound rupee future weekly technical analysis report for 29
may to 2 June 2017

Gbp inr future this week closed at 82.86 with huge loss. This
week loss wiped out all gains of last week. This week gbpinr future hit high
84.37 while closed at week’s low level which reflects upcoming bearishness.
Gbp inr future almost hit my given bullish swing target of
84.8 and now heading lower towards support of 82.3.
On daily chart, pound rupee future price trend is now
bearish and momentum building for downside as pound breaks major short term moving
averages on downside. For next week, gbp inr future remain sell on rise below
83.6 and expect downside up to 82.3 which is major pivot support for pound.

From investment point of view, pound is downtrend and
recorded 2017 low near 80 and now bouncing back towards resistance level of
88.5 but this week’s closing is crucial and closed at major average support on
weekly chart.

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