Pound rupee future hit 84.6 target heading for 86.1

NSE gbp inr future technical analysis

NSE gbp inr future technical analysis

Pound rupee future today closed at 84.87 with gain. Gbp inr future achieved my recovery rally target of 84.6 and given breakout above it for next target 86.1+.   In month of January, pound rupee future open weak and tried to bounce back but brexit news kept pressure on currency and we saw on downside pound hit my given target of 82.2. Which was strong support zone. After taking support at 82.2 we saw one side strong short covering recovery rally for this currency future. on upside 84.6 was my recovery rally target which already achieved and today we saw strong breakout above it and gbp inr future hit high of 85.37. Traders above 84.6 keep long view with stop loss for target 86.15 and above.   On weekly chart, gbp inr long term view is that pound is recovering and might touch major long term resistance level of 88.5.

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Pramod Baviskar

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