There are two scenarios on GBPINR 4h time frame.
High 97.7764 and low 86.0067 in between there's a huge margin gape. In the four-hour time frame, there's a small H&S formed. Price 94.7263 has been rejected to the upside. Keeping in mind last week's mid-price is 90.8238.
Conclusion: I'm looking for a price target 90.8238 as the downside and if price holds above 90.82 then possibly bullish again and 97.77 would look for price target.
Reasons:
1. 94.72 price rejected to the upside.
2. Bullish structure is broken.
3. There's a small H&S pattern formed in 4h time frame.
4. There's weekly mid-price available at 90.8238.
Conclusion: I'm looking for a price target 90.8238 as the downside and if price holds above 90.82 then possibly bullish again and 97.77 would look for price target.
Reasons:
1. 94.72 price rejected to the upside.
2. Bullish structure is broken.
3. There's a small H&S pattern formed in 4h time frame.
4. There's weekly mid-price available at 90.8238.
Comment:
Forgot to mention, Price at 92.44 there's a 200-day moving average support and still holding that level.
Comment:
GBPINR break to the upside. 97.77 will be the next resistance.
