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forexnoobmaster007

GBPINR rising wedge breakdown confirmed, selling to follow

Short
BRITISH POUND / INDIAN RUPEE (FX_IDC:GBPINR)  
forexnoobmaster007 Updated   
FX_IDC:GBPINR   BRITISH POUND / INDIAN RUPEE
Trend Analysis Chart Patterns Wave Analysis GBPINR gbpinrforcast gbpinrtrendanalysis Rising Wedge wedgepatterns gbpinrthoughtprocess
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trendanalysis chartpattern waveanalysis gbpinr gbpinrforcast gbpinrtrendanalysis risingwedge wedgepatterns gbpinrthoughtprocess
The pair was moving in a steep rising wedge pattern from the past 1.5 months. GBPINR, in the previous session, gave a daily close below the lower trend line of the wedge pattern, confirming a breakdown. In doing so, the pair also breached crucial support of 21 days EMA (88.1609). Now, it is susceptible to heavy selling that can take the price to 86.5692. The stop loss for the trade will be slightly above yesterday’s high at 88.9253.
Trade closed: target reached:
cheers!!!!
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