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Mtechtips MCX-SX GBPINR WEEKLY trading analysis 18-05-2015
Mtechtips MCX-SX GBPINR WEEKLY trading analysis 18-05-2015
Mtechtips GBP INR futures this week closed with gain. Stronger pound continue its rally against rupee. This was fifth gaining week for pound against rupee. In these 5 weeks period pound rallied from lows of 91 to high of 101. Total 10 rupee or 10% gains. This week pound future hit high around 101.12 while low was around 98.5. Total almost 2-rupee weekly move or 2% volatility and closed with gains.GBP INR futures on daily chart, is in uptrend with flat momentum for now. Trading way above its 1 and 3-month average with bearish and overbought indicators suggesting correction in next week. For next week below 101.1, expect correction of 3-4 rupee in this pair. If gives closing above 101.1 then expect sharp short covering, rally up to 104.From medium to long term view, GBP INR futures above 98 level will remain bullish and buy on dips for target 101, which already achieved then 103.
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