pound rupee forecast for 9 to 13 sep 2013

pound rupee daily chart technical analysis

pound rupee or gbpinr spot currency pair last closed at 101.92 with loss.on daily chart pound rupee pair trend is up but now showing signs of correction on account of strong rupee.

on daily chart,103-105 and 107 remain as strong supply zones from short term view.103 is also week average and now as resistance.on downside 100 is gbpinr month average and 95.1 is 3 month average level both remain as strong short term support.

on indicators,pound rupee pair cci is +51 and with bearish divergence while rsi is at 59 and off the highs.

poundrupeedailychartforecastfor9to13sep2013

pound rupee weekly chart technical analysis

pound rupee pair this week closed with flat loss.this week pound/rupee made high near 107 while low was near 101.almost 5 rupee+ week volatility and closed in red.on weekly chart currently seems to be topped out and 103 is clear top on chart and below that expect correction to continue.

on downside gbpinr major averages are wide spread in 86-91 zone.but in between 94 and 98 are small support levels.on upside 103 and then 107 are major resistances from long term view.any weekly closing above 103 means trend is resumed and pound heading for new high.

on indicators pound rupee cci is +211 and in overbought zone while rsi is at 74 and hovering near overbought zone.

pound rupee forecast for 9 to 13 sep 2013

for next week,below 103 keep short open for target 101-100 and then 98 on downside.but if given any closing above 103 mans bullish reversal and trend may continue pursuit new high!!

from medium to long term view,103 top also important from weekly closing view. below that correction will continue and show 98-94 levels.in strong situation for rupee even 89-86 levels can be expected in long run.here rally started from 84 to 107 so total 23 rupee run so deeper correction means 90-92 levels on chart!!

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Updated: 08/09/2013 — 9:55 AM

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Pramod Baviskar

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