INRGBP trade ideas
Head and shoulder formation in GBPINR daily timeframe.Head and shoulder pattern formation in GBPINR daily timeframe.
It would be really interesting if GBPINR moves It would be really interesting if GBPINR moves in this parabolic circle. 93.59 is the zone to decide which way. 94.95 and 96.13 basically will be round up level.
Possible cup and handle ? Hi All, This is my first technical analysis. Please bear with me if my understanding is incorrect.
I can see 2 patterns in this chart.
1) Possible cup and handle pattern from 10th March to 12th Apr. Top of the cup (94.93) has been tested multiple times and breakout on 13th April. Moved upward and retesting the now support line (94.93), If this moves upward from this support, possible target is depth of the cup.
2) Swing high (SH) made lower. First SH on 9th March and second on 1st April. Trendline drawn. Breakout on 9th Apr. Bullish. Target for this is distance between trendline and lowest point (close to 86.0335).
In both these cases, target comes close to 103.5 to 104.5.
This is purely for my educational purpose. Please don't risk your investments based on this.
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.
GBPINR SHORT OPPURTUNITY !!!Price chart forms ascending triangle formation . very good oppurtunity for indian forex traders. ;-)
GBPINR to new highsPound has break all its resistance levels by making a bottom at the 83.35 levels.
And within a month it has given an incredible returns of up to 10%.
Now it is again try to test its major resistance levels which can lead it to another highs of 94.80-95 levels. So,
Buying Levels if it crosses Rs. 92.50 Levels.
For the TG: 94.85 levels With the SL: 90.14 Levels.
GBP vs INR predictionLooking at the chart pattern & macro factors like Brexit status, it seems GBP may get more value until end of Dec 2019
Target around 95 to 95.50
