Triangle spotted after a bearish movement in GBPINR. Chart depicts short entry zones are highlighted with targets
GBPINR form cup and handle formation in 1 hr chart. As shown in the chart if it breaks the horizontal line it may erupt from there.
base builded at 102.2418 with multi year resistance zone overhead. expect the pair to consolidate in the zone. good for accumulaton.
GBPINR has consolidated a bit after the fall. A pullback was seen and the support perfectly became the new resistance. Now a fresh short position below the trend line for the targets as mentioned along with stoploss.
The chart seems to form a perfect M top with a clear diversion and as per the Steve Mauro setup it is expected to continue the bearish trend. GBPINR broke its trading range to make its new high and it is bound to be intervened as per fundamentals.
This is my additional view for GBPINR, checkout my initial call from 99 levels which also running. A Single Day Close Above 103.41 & We'll See GBPINR Above 107 Strict SL - 99.2 (WCB) Risk Reward - 1:1, 1:1.5
Big Breakout On Cards Buy At Cmp 101.28 Strict SL - 96.95 (Weekly Closing Basis) Target - 113
FX_IDC:GBPINR 102.38/- GBPINR SELL looks awesome
GBPINR- Ascending Triangle Breakdown
Looking at the chart, you can see how the script is making higher lows every time but not breaking the resistance. Putting it together it is making an ascending triangle and getting ready for an upwards breakout.
Entry point : 100.1 S.L.: 100.45 SHORT TERM TARGET: 99.1 MID TERM TARGET: 97.6
1:2.79 RISK REWARD RATION RETURN ON INVESTMENT PLEASE MAINTAIN STOP LOSS AS WELL AS TARGET .