pound rupee weekly report 5-9 May 2014

pound rupee weekly report 5-9 May 2014

pound rupee daily chart technical analysis

Pound rupee spot on last trading session closed at 101.49 with loss. On daily chart, GBP/INR is trading just below major short term averages with bearish divergences on indicators. From short-term view, pair now has support at 100.5 and then 99, which are previous swing bottoms. While on upside 102 and 102.85 are strong resistances as well as previous swing tops. On indicators side, RSI is 52 and with bearish divergence while CCI is +35 and with bearish divergence.

Traders here above 101.4 keep long view for upside targets of 102 and 102.8, as pound is looking strong fundamentally and technically still trading above 3-month average.

pound rupee weekly chart technical analysis

Pound rupee spot this week closed with loss. This week gbpinr hit high at 102.13 while low was at 101.14. Total 1 rupee or 1% weekly swing and closed with loss. On weekly chart pound is still in uptrend and after bounce back from lows showing consolidation near averages. From medium to long term view, Pound rupee support zones are 100.6 and then 97.7. 100.6 is 6-month average and 97.7 is 12-month average support. On upside 102 and 104 are strong resistances of previous swing highs.

Weekly chart, RSI level is 54 with bullish divergence while CCI is -9 with bearish divergence.

Investors here keep buy and accumulation strategy for targets 102-104 with strict weekly closing stop loss below 100.5.

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Updated: 04/05/2014 — 3:48 PM

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Pramod Baviskar

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