gbpinr forecast for 8 to 12 july 2013

gbpinr daily chart technical analysis

gbpinr spot last closed at 89.64 with loss.on daily chart trend is still up but momentum turned down as profit booking going on.

on chart pound rupee trading below week average of 90.51 and month average of 90.16.both remain strong resistances from short term views above that 92 and 93 are tops and major supply zone.on downside 87.57 is 3 month average and last support.

on daily chart gbpinr indicators shows cci at –61 with bearish divergence.and rsi at 53 and absolutely with bearish divergences.

gbpinr weekly chart technical analysis

gbpinr pair this week closed with loss.this was second week of losses for pound.on weekly chart look like top is formed at 92 and now pound moving for support on downside.all major medium to long term averages are in 83-86 range and way down.major correction may show these levels in upcoming time.

on weekly chart,gbpinr cci is +179 and with sell signal.rsi is at 58 and look like topped out?

gbpinr forecast for 8 to 12 july 2013

for next week,below 90.6 on closing basis hold sell view for gbpinr pair.with downside target at 87.6 and if breaks below that the again 2-3 rupee fall on downside.like euro pound also tumbling and near fresh lows against dollar.so fresh breakdown may keep pound relatively weak against rupee?

from medium to long term view,gbpinr topped out at 92 and moving towards support level of 86.in between 87.6 is one support on 3 month average.for fresh buying must maintain above 91then one can expect 95+ levels as target.

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Pramod Baviskar

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