Pound-rupee 2017-remain weak below 88.5 tgts 76.5-70

Gbp inr future 2017 yearly technical analysis

Gbp inr future 2017 yearly technical analysis

Pound rupee future this week closed at 83.44 with gain. Pound is in downtrend against rupee and after strong fall consolidating in range of 82 to 84 rupees. After last week’s negative closing pound given some recovery as rupee declines.   For 2017, my gbp inr future view is bearish and on upside 88.5 is major hurdle. Below it major recovery rallies will be selling opportunities. Current gbpinr weekly chart price pattern is bullish but indicators suggesting fresh crack down patterns so mixed signals. On downside 76.5 and 70 rupee are major support zones as well as my target zones if downtrend persist.   Expect gbp inr future uptrend only above 88.5 on weekly closing with strong price action and on volume. On long term trend reversal, gbp inr future will head for bullish targets of 95.7 and 107.6. Expect high volatile moves in this pair to this year on news flows.

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