NSE pound rupee future this week closed with gain at 102.89. After last week’s correction pound once again resumed buying momentum and showing higher levels against rupee. This week pound hit high around 103 while low was near 101.5. Total 1.5 rupee or 1.5% weekly volatility and closing near weekly high suggesting underlying bullish outlook for UK sterling. Pound given reversal move just above major weekly average which is also significant from technical view.
For Sep series, pound future above 102.4 will remain bullish and buy for target 105.95.below 102.4 downside up to 99.5 can be expected.
For next week, gbpinr future outlook remain bullish and strategy should be buy on dips. On upside 103.4 and 104 are resistances while on downside 102.4 and 101.4 are support zones.