Pound rupee future this week closed at 85.87 with loss. This was second losing week for pound and in these 2 weeks pound slumped from to highs of 88.75 to low of 85.51, total 3 rupee plus profit booking in 2 weeks. This week pound rupee future hit high 87.45 while low was at 85.51, total almost 2 rupee weekly range and negative closing on strong profit booking.
Pound rupee weekly chart price trend and momentum both are corrective. Pound is now trading below 5 weeks average of 86.23 and heading towards 20 weeks average of 85 and below it next support comes around 84.55 rupee. Weekly chart RSI is at 56 with bearish divergence while MACD is above zero with topped out pattern.
Pound in month of october opened above 86.5 rupee support and then profit booking move it this support and then bearish breakdown heading for bearish target of 84.2 rupee and we saw 85.51 this week. below 86.5 pound will remain weak and sell for lower targets 84.2 and then 80.25 rupee.