GBP INR weekly outlook 7 to 11 April 2014
GBP INR daily chart technical analysis
GBP/INR spot on last trading session closed at 99.6 with loss. On daily chart, pound-rupee price trends and momentum both are bearish. English pound is trading below short term averages with bearish patterns on indicators.
For next week, GBPINR support zones are 99.65 and 99.1 are support zones while on upside 100.6 is first resistance, which is 1-month average. Above it 3 month average is at 101.4 and next strong resistance.
On indicators and oscillators, CCI is -85 and off the low. RSI is at 34 and off the low.
Short-term traders use downside for accumulation and expect technical bounce back up to 101 in next week. Keep strict stop loss in place as it will be fade trade.
GBP INR weekly chart technical analysis
GBP/INR spot this week closed with loss. This was fifth losing week for pound and in these five weeks pound lost 5 rupees gains. On weekly chart GBPINR price trend I bullish but momentum is weak on profit booking by investors.
From medium to long-term view, 97.1 is first support on downside, which is its 12-month average, and below it 91.7 is 2 years average and last long-term support for pound vs. rupee.
On upside, 100.35 is 6-month average and strong resistance. Above it, 104 will be next major resistance of previous swing top.
On indicators and oscillators, CCI is -156 and near oversold zone. RSI is at 47 and heading towards 30 with bearish divergence.
From long-term view, above 97 keep buy on dips view for upside targets of 100.5 and then possibly 104. Below 97, we may see deep downside up to 92-91 so keep strict stop loss for all long investment.