Commentary: GBPINR 4h time frame. bear flag got reject and brokeout to upside. facing strong resistance zone at 85.1537. following weekly time frame gbpinr formed h&s and still remain in bear trend.
Upcoming week thought process: gbpinr is in bear trend and gave a pullback facing 85.1537 strong resistance following another resistance at 86.6605. projecting...
GBPINR formed H&S on the weekly time frame. Also pattern got activated, interesting to see if this H&S really plays out. cpm-85.8103 to 77.2491 it will take atleast five months to travel this price on target.
Looking at the 240 on this pair, I am guessing we are in a complex corrective pattern. If this is true, then the next leg could be upwards to finish the C wave which is part of the higher degree B wave. Thats the bigger picture from what I see.
GBPINR possibly is in a 240 consolidation and it looks like the B of the ABC is done. The next move could be upwards, to finish the C and thus finishing the entire corrective structure. I would like to look for Buy setups in the near term. The Sell may not go too far down but my view is that the risk reward looks favourable for Buy's.
GBPINR has formed inside bar on monthly chart. it has formed this setup on 61% retresment level of entire principal swing. this is good setup for trading long minimum upside target is 10-15% of current price.
it will go up to the RS.92
wish you happy trading. enjoy trading
GBPINR the pair has lost almost 15% value since brexit and has been under pressure, the pair is now looking strong and gradually trading higher high, it is trading on symmetrical triangle resistance and there may be breakout at this point. traders may enter long in this pair if breakout 84.90 with a target of 86.35 in near term or if breakout doesn't occurs it...