gbpinr daily chart forecast
gbpinr spot or rupee against pound closed at 83.7 with gains in last trading session.on daily chart pound trend and momentum strong bullish against rupee.on downside 83.54 is gbpinr weekly average and first support on downside.below that 83.3 is 3 month average and 83.15 is month average and last support on daily chart.on upside 84.4 and 85 are major resistances as well as previous tops.
on indicators side,gbpinr daily cci is +76 with bullish divergence while gbpinr daily rsi is at 56 with buy signal given at 83.
gbpinr weekly chart forecast
gbpinr on weekly chart showing losses in this week.in this week gbpinr pair made high at 84.37 while low was 83.06.total 1.3 rupee weekly volatility and correction in pound on account of strong rupee.
on upside,84.1 is 12 month average and 84.25 is 6 month average both are strong resistances.on downside 82 is 2 years average and last support on long term view.here below 84.25 on closing basis hold this is as technical bounce back from medium to long term view.on downside near 82 will be investment opportunity but with stoploss.
if rupee enters bull market we eventually see all pair will come down below 2yeras average.on indicators gbpinr weekly cci level is –28 and with bullish divergence.while weekly rsi is at 47 and still below 50.
gbpinr forecast for 6 to 10 may 2013
for next week,above 83.3 hold buy on dips strategy and expect 84.4 to 85 as upside targets.if closed below 83.3 then short term down trend will start while long term downtrend will resume.
from medium to long term view,gbpinr going thorough technical bounce back rally and below 84.25 we may expect testing 82 level as rupee getting inflows.below 82 may enter bear market for long term view.