Pound rupee weekly outlook 2 to 6 June 2014

Pound rupee weekly outlook 2 to 6 June 2014

Pound rupee daily chart technical analysis

Pound rupee spot on last trading session closed at 99.17 with gain. On daily chart, pound is in downtrend but recovered from lows and now building base before next move. A temporary bottom is formed near 98.5 and will remain as most import support zone for next week. Pound rupee has upside resistance levels at 99.5, which is its 1-month average, and then 100.5, which is its 3-month average level. On downside, 98.5 and 97 rupee will be strong support areas. Daily chart indicators are off the oversold zones but still in bearish area.

Traders for next week can take long call here with strict stop loss below previous swing low and expect upside targets of 99.5 and then 100.5.

Pound rupee weekly chart technical analysis

Pound rupee spot this week closed with gain. On weekly chart pound has taken support of its 12-month average and given positive closing, which is bullish sign. This week pound hit high at 99.58 and low as 98.22. Total 1.4-rupee weekly range or 1.5% volatility and closed with gains. From medium to long-term view, Pound rupee now ahs support at 98 rupee, which is its 12-month average, and below it 93.1 will be 24-month average level and next major long-term support. On upside 100.25 will be first resistance of its 6 month average and above it 102 will be next resistance of previous swing top.

Medium term traders here can take long view with strict stop loss below 98 rupee of targets 100.25 and then 102.

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Pramod Baviskar

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