Mtechtips MCX-SX GBPINR intraday trading analysis 27-05-2013

Mtechtips MCX-SX GBPINR  intraday trading analysis 27-05-2013

Mtechtips gbpinr or pound against rupee rupee spot last closed at 84.41 with gains.on daily chart gbpinr pound trend and momentum is bullish against rupee.pound rupee pair trading above all short term averages and holding breakout given at 83.5. on chart gbpinr week average is 84,then 83.65 is month average and in last 83.5 is 3 month average and last support on downside for pound against rupee from short term view.trend and momentum indicators still with bullish divergence and supporting pound demand as compared to rupee.

gbpinr on weekly chart showing gains and breakout in this week.on chart now trading above 6 and 12 month averages.on upside 86 and 89.9 are major long term resistances but as closed above 6 month average it is buy signal from medium term view.

on downside gbpinr 6 month average is 84.17 while 12 month average is 84.07 both are strong support zone for medium term.in last 82.1 is 2 years average and last support from long term view. or next week,above 83.5 on closing basis hold buy on dips view and keep upside target near 85 and then 86.this week closed at highs means pound demand is on high against rupee.

from medium to long term view above 82.1 remain bullish for now.on upside keep targets at 86 and then 89.9.for next if closed above 84 the breakout is get support of follow up buying and 86 will be seen in next 4-6 weeks against rupee.pound is oversold against dollar ,bounce back and reversal in that will push gbpinr rally to previous highs.

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