Mtechtips MCX-SX GBPINR WEEKLY trading analysis 28-05-2015
Mtechtips GB Pound-Indian Rupee future trading at 98.72 with gain. on daily chart, GBPINR future price trend is bullish but momentum is turning bearish as prices correcting on profit booking. though pound still trading above 1 and 3 month average but with strong bearish signals on indicators. on downside 98.1 is 1 month average and 96.35 is 3 month average and major short term support.GB Pound-Indian Rupee future this week closed with loss. this was first week of profit booking for pound after last 5 weeks bull run. this week gbp inr future high was at 100.1 while low was at 98.7. total 1.4 rupee or 1.5% weekly swing and closed in red. on weekly chart , GB Pound-Indian Rupee future has major supports around 96-96.5.for next week, GB Pound-Indian Rupee future outlook will remain bearish as correction phase might continue on weak gbp and recovering rupee. on downside 96-96.5 is major support zone as well as target for this correction. those are short in GB Pound-Indian Rupee future must trail stop loss at 99.9 and keep target at 96.5.