GBPINR technical analysis for 19 to 23 May 2014
GBPINR daily chart technical analysis
GBPINR spot on last trading session closed at 98.5 with loss. On daily chart, English pound is in downtrend against rupee and trading below all short-term averages. For next week, GBPINR will have supports at 98 and 96.8 rupees while on upside 99.6 and 100.8 rupee are strong resistances. 99.6 is week average and 100.8 rupee is 1-month average. 101.2 is 3-month average and major resistance for pound. Daily chart indicators patterns are bearish but in oversold zones so bounce back is due ahead.
Traders here keep buy on dips view with strict stop loss below 96.8 and expect technical short covering up to 100 rupee.
GBPINR weekly chart technical analysis
GBPINR spot this week closed with loss. This was third losing week for pound and in these 3 weeks, GBP tumbled from 102 to 98 rupees against INR. This week GBPINR hit high at 101.33 while low as at 98.4. Total 3-rupee range or almost 4% weekly swing for pound and closed with huge loss and strong bearish breakout below 6-month average. On weekly chart next support, zones are 97.9, which is 12-month average, and 92.95, which is 24-month average level. On upside 100.5 and 102 are strong resistances. Weekly chart indicators patterns are bearish and heading towards oversold zones so expect downside for pound in longer terms.