pound rupee march 2016 technical analysis report

gbp inr march 2016 technical analysis report

GBP INR future technical analysis report for march 2016

Gbp inr future this month opened in red and trading with losses. This will be fifth losing month for pound if closes in red. In last four month time gbp inr pair slumped from high of 102 to low of 94. Almost lost 8%. On monthly chart price as well as indicators pattern are bearish suggesting downside might continue ahead. Stronger rupee make this fall intense and we might see multiple sessions of gap down opening in month of March 2016. On downside 92.6 is 5 years average levels and pound might test it. On upside 95.7 and 97.5 are strong resistances and fresh selling points on bounce back. For month of March 2016, pound rupee future below 96.7 remain sell or bearish. On downside expect targets at 93.8 and92.8 levels. 96.7 is major hurdle and below it sentiment remain in hands of bear. Above it 101 and 102 are major resistance zones for this month. These will be target if reversal happens anyhow by magic!!

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