gurjot_galwatti
Long

GBPINR - Downward Wedge Pattern - Target 94

FX_IDC:GBPINR   BRITISH POUND / INDIAN RUPEE
There is a formation of the downward wedge in a weekly time frame chart and the pair is poised to breach major resistance 89. It will achieve the first target 91 provided the pair gives closing above the aforementioned resistance. Moreover, the bulls will force the pair to hit the second target 94.

On the contrary, it could run out of steam and might get first support at 84, and a subsequent increase in selling pressure may force the pair to achieve second support at 79.

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