pound to rupee forecast for 2 to 6 sep 2013

pound to rupee daily chart technical analysis

pound to rupee or gbpinr spot pair last closed at 101.77 with loss.on daily chart pound is topped out at 107 levels.here last closing below week average of 102.5 suggesting correction.

on downside 98.3 is pound rupee month average while 93.6 is pound rupee 3 month average.on upside 102.5 -104 and 107 are major resistance levels.

on daily chart pound rupee indicators show cci is at +107 and off the highs.while rsi is at 63 and look like topped out.


pound to rupee weekly chart technical analysis

pound to rupee this week closed with gains but in last session lost most of the gains as pound become weak against dollar and profit booking from big traders.thought this was 7th week of straight rally and in these time we seen pound rallied from 90 to 107 almost 17 rupee fall in rupee.

on weekly chart pound trend and momentum is super bullish.major averages are way down in 90-85 zone.on upside 105 is top for now from long term view.

on weekly chart pound to rupee rsi is at 74 and still trending higher while cci is at +224 and with bullish divergence.

pound to rupee forecast for 2 to 6 sep 2013

for next week,below 102.5 traders stay away or expect correction here upto 98 to 95 levels.but any closing above 102.5 will be confirmation of reversal and traders must go long for target 106-108 on upside with very short term view.volatility remain concern so both side trading will remain difficult.

from medium to long term view,target of 105 is achieved.now expect some correction and consolidation.95-98 is re entry zone for target for 105-115 on upside.below 95 correction turn into deeper correction and may show 90-84 levels.strong dollar index put pressure on pound but more pressure or selling is expected in rupee so comparatively remain strong.

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Pramod Baviskar

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