Pound Rupee weekly predictions 10-14 Feb 2014

gbpinr daily chart

Pound Rupee daily chart analysis

Pound Rupee pair on last trading session closed at 102.19 with gain. On daily chart, English pound had taken support of its 3-month average and given positive closing and that is bullish sign for long side traders.

Indicators are also showing a sign of reversal of correction, which means GBPINR, is resuming its short-term bull trend. For next week, GBPINR support zones are 101.5 and then 100.4 while on upside 102.5 and 104 are strong resistance levels on daily chart. Traders above 101.5 keep long view and follow buy on dips trading strategy for GBPINR future.

gbpinr weekly chart

Pound Rupee weekly chart analysis

Pound Rupee this week closed with loss on profit booking in English pound. This was second week of losses and suggesting correction phase on weekly chart. GBPINR this week hit high at 103.04 while low was at 101.4. Total 1.6-rupee weekly range and closed in red.

On downside, major support is 6-month average, which is way down at 99.4. While on upside 104 is now “double top” for this currency pair. GBPINR weekly chart indicators are still in overbought zones and correction may continue in upcoming time. For investors and swing traders, 98-99 is zone to enter long positions again while 103-104 is profit-booking zone.

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Updated: 09/02/2014 — 9:43 AM

The Author

Pramod Baviskar

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