gbpinr weekly forecast for 13 to 17 may 2013

gbpinr daily chart technical outlook

gbp inr currency pair spot rate closed at 84.1 with gains in last trading session.on daily chart pound is strong against rupee and trading with strong demand momentum and above all short term averages.

on downside gbpinr weekly average is 83.9 and first support on downside.below that 83.45 is month average and 83.4 is 3 month average and last support on chart.on indicators pound rupee month cci is +97 and off the highs while month rsi is at 59 with bullish divergence.on upside 85 and 87 are previous tops and strong resistances.

 

gbpinr weekly chart technical outlook

gbpinr pair this week closed with gains at major resistances.this week pound rupee spot made low at 83.47 while high was 84.5 total 1+ rupee move and strong pound.

on weekly chart,84.25 is 6 month average and 84.1 is 12 month average and both strong resistances while on downside 82.05 is 2years average level and strong support from long term view.on indicators gbpinr 22 weeks cci level is –14 and off the lows while 22 weeks rsi is at 49 and near bullish breakout.

gbpinr weekly forecast for 13 to 17 may 2013

for next week pound rupee above 83.4 remain buy on dips and expect 85 and then 87 as short to medium term targets.below 83.4 on closing basis rupee will start performing against pound and short term downtrend may trigger for pound.

from medium to long term view,after taking support of 2 years average pound now at breakout stage,from here if next week show closing above 84.5 then we may see 87-89 levels as targets in medium to long term.but if fails to breakout then expect correction rally upto 82 which is 2years average support zone.

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