GBPINRmarked a longterm channel
currently trading near 200 EMA
Any confirmation of up move on smaller timeframe will give an opportunity to enter on buy side.
This is just for educational purpose.
GBPINR trade ideas
Pull back over.... The free fall begins any momentThe suport is over. It the US cpi data supports it's a free fall here after
GBPINR shall be range bound between 98.6 to 107.0 until Jan 2023Monthly chart indicates that wave 5 is in going on.
Wave 5 is expected to be a 5 wave move out of which wave 1 and 2 are over.
Wave 3 is in progress.
Major support and resistance zone as indicated in chart.
Weekly chart indicates wave 1 in 5 is a 3 wave move (indicated by ABC) and accordingly wave 3 in 5 is also expected to be a 3 wave move
Wave 2 is a zigzag and hence based on rule of alteration wave 4 (yet to come) is expected to be either a flat or a triangle.
But whether wave 3 is over? Have wave 4 started?
Daily chart indicates wave A in wave 3 is a impulsive 5 wave move and accordingly wave C in wave 3 is also expected to be a 5 wave move.
In wave C the waves 1 and 3 are with 3 internal waves indicating an ending diagonal.
Exhaustion of wave 5 in C was indicated by breaching the upper trend line and an evening star.
The price broke back into the trend line.
Downward movement right now might be the start of major wave 4.
If it is wave 4 then GBPINR shall be range bound between 98.6 to 107.0 until Jan 2023. Possible patterns shall be a flat/triangle or combo waves.
Expect GBPINR to hit 106.0 - 106.5Weekly chart:
Weekly chart implies that wave 3 of a 3 wave move is in progress. Wave 1 and Wave 3 of 3 wave move are highlighted in boxes.
Wave 1 of 3 in purple box have an internal 3 wave movement and accordingly, wave 3 of 3 in blue box is also expected to have 3 wave movement.
Daily chart: Analysis of Wave 3 of 3 in blue box
Wave A has an internal 5 wave impulsive movement, and accordingly Wave C is expected to have 5 waves in impulsive movement.
In wave C, 4 waves out of 5 are over.
Wave 5 is targeting 106.0 - 106.5.
As the C wave in daily chart is moving in an ending diagonal pattern. The 3 waves in wave 5 might or might not be visible in daily chart due to exhaustion, hence 4H chart can help better in identification of waves.
4H chart: Analysis of wave 5
After a perfect zigzag to the upside, the trend is under correction which is expected to end at 101.7.
Upon completion of correction, another perfect zigzag to end wave 5 is expected. This zigzag shall target 106.0 to 106.5
GBP/INR - MONTHLY LONG TERM SHORT2012 & 2014 Were all Rejection Levels
Back in 2021 with the same scenario
I Expect the same sort of move to the downside
Zigzag correction targeting 98.96Short GBPINR
Target: 98.96 shall happen in a 5 wave move down.
Stop loss: 101.88
GBP at its last pump up!! will it succeed 102.0. Cautiously LongMonthly chart indicates that the current trend is correction to the previous down move.
The C wave is about the end possibly before 102
Cautiously Long as it might reverse any time and that's how a quality of trader shall be :)
8th February Intraday Chart Analysis and Levels for GBPINRIntraday Chart Analysis and Levels for 8th February, 2021
Dashed lines and boxes can be major turning points or stalls
5th February Intraday Analysis and Levels for GBPINRIntraday Analysis and Levels for 5th February, 2021
Dashed lines and boxes can be major turning points or stalls
4th February Intraday Analysis & Forecast Levels for GBPINRIntraday Levels for 4th February, 2021
Dashed lines and boxes can be major turning points or stalls
3rd February Intraday Analysis & Forecast Levels for GBPINRIntraday Levels for 3rd February, 2021
Dashed lines and boxes can be major turning points or stalls
1st February Forecast & Levels for GBPINRIntraday GBPINR Levels for 1st February, 2021
Dashed lines and boxes can be major turning points or stalls
29th January Forecast & Levels for GBPINR29th January Forecast & Levels for GBPINR
Dashed lines and boxes represent turning points.
27th January Forecast & Levels for GBPINRIntraday Levels for 27th January, 2021
Dashed lines and boxes represent turning points.
GBPINR_FLAG SPOTTED!Flag or Ascending triangle spotted.
Price has tested multiple times upper boundary of Ascending triangle pattern.
Price looks bullish if it closes confirmed above upper horizontal boundary.
Finally figuring out the possibility!! Price is under consolidation in wave 5 of C.
Break below 98.6 is a long term bearish move.
25th January Forecast & Levels for GBPINRIntraday GBPINR Levels for 25th January, 2021
Dashed lines and boxes represent turning points.
