GBPINR weekly outlook for 31 dec to 4 jan 2013

GBPINR daily chart analysis

gbpinr spot pair closed at 88.54 with gains on last trading session.pound from short term view still bullish and in uptrend with buying momentum against rupee.

on above chart pound trading above all short term averages.gbpinr weekly average is 88.53 then monthly average is 88.15 and in last 87.47.

on indicators side,gbpinr daily cci is +40 with bearish divergence while rsi is 55 with bullish divergence.

88.15 is fresh buying point with stoploss and on upside expect 89 to 89.6 again.

 

GBPINR weekly chart analysis

gbpinr pair this week closed with loss.after touching high near 89.8 pair going through correction phase.

here major medium to long term supports are deep down.gbpinr 6 month average is 86.61 and first support of this bull market.on indicators side,gbpinr weekly cci is +120 and still with bullish divergence.rsi si at 59 and bullish.

those having longs on lower level can hold for new high while fresh buying suggested near support only as risk reward at current stage is not favourable.

GBPINR weekly outlook for 31 dec to 4 jan 2013

short term traders having longs must trail stoploss below 88.15 and expect 89 and then 89.8 again on upper side.

while medium to long term traders can hold long view for target of new high with trailing stoploss.fresh buying or investment is suggested near 86.6 only.if dollar index spikes up and euro zone crisis rebound then pound may see profit booking.

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Pramod Baviskar

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