Gbp inr weekly-hit 83.5 and then sell of hit downside targets 82.3 and 81.5

Pound rupee future weekly technical analysis report for 12 June to 16 June 2017

Gbp inr future this week closed at 82.33 with huge loss. This was 3rd losing week for pound and in these 3 weeks we see drop from 84.5 to 81.5. This week gbpinr future hit high 83.75 while closed at 82.33 after hitting low at 81.5.

Gbp inr future hit upside recovery target of 83.5 and then sell off on election results from UK hit my bearish targets of 82.3 and 81.5 in single session on Friday.

On daily chart, pound rupee future price trend is now bearish and momentum building for downside but looks oversold so expect bounce back and then downside rally. For next week, gbp inr future remain sell below 82.35 on daily closing basis for downside targets of 81.5 and 80.3. Above 82.35 expect short covering rally for target 83.5 again.

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 last 3 weeks negative closing suggest pound resumed long term downtrend and heading for 2017 target of 76.6.

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Pramod Baviskar

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