GBPINR weekly tips 12 to 16 may 2014
GBPINR daily chart technical analysis
Pound rupee pair on last trading session closed at 101.05 with loss. On daily chart pound is in downtrend against rupee and given downside breakout in last trading session. On upside 101.4 and 102 are strong resistances. 101.4 is week, 1month and 3 month average bearish crossover level and strong short-term resistance. On downside, 100.5 and 99.4 are strong support zones and targets if trend continues. Daily chart indicators patterns are bearish.
Traders below 101.4 keep short view for English pound and expect lower levels in next week.
GBPINR weekly chart technical analysis
Pound rupee pair this week closed with loss. This was second week of loss for pound. In this week, GBPINR hit high at 102.05 while low as at 100.75. Total .3-rupee range or 1% weekly swing and closed with loss. Pound weekly chart price trend and momentum still bullish so keep buy and accumulate view here for long terms. On downside 100.6 is 6-month average and 97.65 is 12-month average support zones. On upside 102 and 104 are strong resistances. Weekly chart indicators pattern are bearish suggesting correction ahead.
Investors above 97.65 keep buy on correction view for targets 102-104.