GBPINR forecast for week 21 to 25 April
GBPINR daily chart technical analysis
GBPINR spot on last trading session closed at 101.17 with loss. On daily chart, pound rupee pair, price trend is down as closed below its 3 month average in last trading session while momentum is strong bullish and hence we had seen recovery of 2 rupee plus in pound in last 2-3 weeks. Look like technical bounce back is complete and once again, pound is resumed downtrend with last closing.
From short-term view, GBPINR support zones are 100.5 and 99.2, which are previous bottom supports. While on upside 101.3 is 3 month average and major resistance level and below it keep short view for pound. Daily chart indicators and oscillators patterns are bullish and suggesting upside for pound.
For next week traders below 101.3 keep short view for GBP and expect targets 100.5 and below. However, if GBP gives closing above it then reverses short positions into long for targets 103-104.
GBPINR weekly chart technical analysis
GBPINR spot this week closed with gain. This week GBPINR hit high at 101.73 while low was at 100.4. Total 1.3-rupee range or 1% plus weekly swing and closed with gains in second successive week.
Weekly chart price trend and momentum both are bullish. From medium term view, 100.45 is 6-month average and first support zone on weekly chart. Below it 97.4 is 12-month average and next major support. While on upside 103 and 105.5 are strong resistances of previous swing tops. Weekly chart CCI and RSI are bullish and suggesting upside.
Investors must trail long positions stop loss at 100.45 and hold long positions. Chart pattern is suggesting of correction and as rupee fundamentals changing, we may see another bottom for pound in upcoming months. On upside this move may extend up to 103 so cap profit with strict stop losses in place.