GBPINR weekly analysis 17-21 February 2014

GBPINR daily chart analysis

Pound rupee spot on last trading session closed at 103.47 with loss. On daily chart, GBPINR trend and momentum is strong bullish and after hitting overbought zones prices now showing some cool off with correction and consolidation.

GBPINR is still trading above all its short-term averages. On downside 103-102.5 and 101.7 are support zones for next week while on upside expect resistances at 104 and then 105.2. Daily chart GBPINR indicators are near supports and signaling reversal patterns.

Therefore, for next week, short-term traders keep long view on GBPINR future. Above 101.7 keep buy on dips view and expect targets of 104-105.2 again.

GBPINR weekly chart analysis

Pound rupee this week closed with gains. This week, GBP/INR pair low was at 101.84 while high was at 103.96. Total 2-rupee range or 2% move in week and continuing long-term bull trend against Indian rupee.

On weekly chart, GBPINR major support zones are 101 and then 99.7. While on upside 105 to 105.5 is only major supply area. Any weekly closing above this levels means fresh long-term breakout for GBPINR and fresh 3-5% rally on upside for English pound.

99.7 is GBPINR 6 month average and major support from medium term view while 96 is 52 weeks average zone and major long term support zone for GBPINR.

Swing traders and investors keep buy on dips for GBPINR, and above 99.7 on weekly closing basis expect new high in next 1-3 months period.

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Pramod Baviskar

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