pound to rupee forecast for next week 3 to 7 jun 2013

pound to rupee daily chart technical analysis

pound to rupee spot pair on last trading session closed at 85.98 with gains.on daily chart spurt rally from 83.5 to almost 86 seen very short time.despite pound tumbling against dollar here we seen comparative major outperformance against rupee.

on daily chart pound to rupee trend is strong bullish while momentum looks now reached at top?on chart pound to rupee week average is 85.24 and first support on downside.below that 84.2 is month average and 83.75 is 3 month average and last support for pound from short term view.

on indicators,pound to rupee daily cci is near +400 and highly overbought state.pound to rupee rsi is above 50 with bullish divergence.on above if trade above 86 for more than 2-3 session then expect another 3 rupee drop for rupee.

pound to rupee weekly chart technical analysis

pound to rupee pair this week closed with healthy gains with sharp breakout above 6 month average and now heading towards previous highs.this week pound to rupee pair made low at 83.65 while high was 86.23.total almost 3 rupee run and closing near highs.

on downside 84.25 is 6 and 12 month average support zone and first support from medium term view while 82.2 is 2 years average and long term support for pound.on upside now target zone will be 88-90.

pound to rupee weekly chart indicators showing breakout and strong bullish momentum for pound demand.

pound to rupee forecast for next week 3 to 7 jun 2013

for next week,strategy remain same buy near support only.as indicators overbought on daily chart expect some correction and consolidation moves here.84.5 will be good re entry point for short terms.on upside 86 and then 88 will be target levels.

from medium to long term view,watch 86 level on weekly closing basis if close above it then next target will be 89 on average.weak rupee and pound short covering rally against dollar can set new highs here in loner terms.for investors 82 was best investment level .

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Pramod Baviskar

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