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INDIAN RUPEE / BRITISH POUND

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INRGBP trade ideas

GBPINR rising wedge breakdown confirmed, selling to followThe 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.
Short
by forexnoobmaster007
GBPINR - Downward Wedge Pattern - Target 94There 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.
Long
by gurjot_galwatti
GBPINR 4h time frame, weekly thought process.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 prediction it might form an inverse h&s on the 4h time frame or it might get rejected from current resistnce level. all we can gaug watching rsi level, we have to look for bear or bull divergence at overbought/sell zone. wait for a price consolidation and breakeout from that white box either side targeting upside 86, 86.6605 and dowinside 84.20, 82.50. I'll keep updating throughtout the week as price react.
by Ilikethehell