Gbp inr future recovering towards 84.6 to 86.15
Pound rupee future this week closed at 83.79 flat. After last week’s again we saw some profit booking and range bound trades in gbp inr future. Gbp inr future price trend is down but momentum is slowly building towards buying as we saw some short covering as well as value buying on lower levels. On downside 83.2 is short term bottom support. On upside 84.6 is major hurdle for January series. Current price as well as daily chart indicators pattern suggesting pound is recovering towards 84.6. Daily closing above 84.6 on strong price action and on volume will change trend to bullish side and in that scenario, pound will trend higher towards my targets of 86.15 and 88.5. but if fails to cross 84.6 on daily closing basis then it will be fresh shorting opportunity for targets of 82.25 and then 80.75., also suggesting long term bottomed out pattern for this currency. And expect recovery towards 88.5 levels in loner terms. On downside 83 and 81 rupee remain as major long term support zones.