GBP INR weekly tips 14 to 18 April 2014
GBP INR daily chart technical analysis
GBP INR spot on last trading session closed at 100.67 with loss. On daily chart pound is in downtrend but off the lows. GBP just closed below its 3-month average and with bullish recovery patterns on indicators.
For next week, GBP INR spot support zones are 100.6 and 99.4. 100.6 is 1-month average while 99.4 is previous swing low. On upside 101.3 is 3-month average and major short-term resistance. Above it 102.2 is previous swing top and next resistance. Indicators are off the lows with strong bullish recovery patterns.
Last closing below 3-month average was sell signal and downtrend may continue ahead. Traders below 101.5 keep sell on rise view for targets 100.6 and then 99.4.
GBP INR weekly chart technical analysis
GBP INR spot this week closed with gain. This week pound rupee hit high at 101.39 while low was at 98.74. Total 3 rupee or 3% swing for pound and closed with gains on short covering. Once gain pound is now above all medium to long term averages with bullish indicators patterns on weekly chart.
From medium to long-term view, GBPINR support zones are 97.25 is 12-month average and below it 92 is 2 years average level. On upside 102 and 104 are strong resistances and previous swing highs. Indicators are off the lows and forming bullish patterns.
Investors above 97 keep buy on dips view for targets 102-104.