GBPINR daily chart technical analysis
GBPINR spot on last trading session closed at 101.83 with loss. On daily chart, pound is in uptrend against rupee and hit by profit booking in last trading session. Pound is still trading above month and 3 month averages but in overbought state. For next week, GBPINR support zones are 101.4, which is 3-month average and 101.2 is 1-month average. On upside 102.6 and 103.5 are strong supply zones.
On indicators, RSI is at 57 with bearish divergence and CCI is +128 and off the highs.
Traders above 101.2 keep long view for pound and expect higher targets in next week. If pound gives closing below 102.2 then that will be fresh shorting opportunity.
GBPINR weekly chart technical analysis
GBPINR spot this week closed with gain. This was third gaining week for pound and in these 3 weeks rallied from lows of 99 to highs of 103. This week GBPINR hit high at 102.82 while low was at 100.99. Total almost 2 rupee or 2% swing and closed with gains. Weekly chart pound price trend and momentum both are strong bullish and pound is trading above all averages near top.
From medium to long-term view, 100.55 is 6-month average and first support zone and below it 97.6 is 12-month average level. On upside 104 and 105.5 are strong supply zones.
Investors above 97.6 keep accumulate on correction strategy for targets 104-105.5. Fresh high around 108-110 can be expected if pound trade above 1.70 against US dollar.