GBP shortthe D level of the ABCD pattern is giving the SELL signal, the target is c level i.e 80.5 www.tradingview.com
GBPINR trade ideas
GBP/INR : LongPattern is showing to go long with strict stoploss and Risk:Reward seems good in this setup.
Aiming for 100% fib extension, And from there looking for shorting opportunity.
GBP/INR - cypher set upReversal (Long) from around point C would open doors for a possible rise to point D (102)
Multiple cypher patternsHello traders, just a fun trade on one of the lesser common mixes. Good for carry trade. Multiple cypher patterns at play , buying positions could be added right at the structure below
Anticipation of H&S pattern on GBP/INR I'm anticipating this move prior any signal of reversal, I might be wrong since last candle have strong downside movement. And there is no sign of reversal yet.
Considering Brexit, Head and shoulder pattern can be formed if we can see more strength in GBP or more weakness in INR in coming days. Which will help to complete this pattern and great setup to trade with small stoploss.
GBP/INR bear trend intensifies after hitting 11-month lowsThis pair's bearish strength has been extremely robust after violating supports at 94.3766, Sterling managed to gain against Indian rupee but collapsed at day highs of 97.3747 levels (see circled areas how strongly it has held at the same juncture and bounce back).
As a result, we are seeing a bearish candle with big real body.
Most importantly, bearish crossover by DMAs and EMAs on both daily and weekly respectively (7 & 21 time frames) signifies the next trend direction that is likely to either prolong southwards or sideways.
Same is the signal generated by other lagging indicator, MACD has just signalled bearish crossover on both daily and weekly.
While, both leading oscillators (RSI & Stochastic) have reached oversold zones but no trace of buying interest.
Visible downside gap is showing the strength of the bears in the pair. Thus, it is most likely that prices will evidence the southward targets.
So we like to maintain the same strategy using futures contracts as we did it in EURINR case, it is better go short in mid month futures ahead of Brexit scenario (UK referendum scheduled in June).
We see GBPINR (270416) contracts on NSE (National Stock Exchange) at 93.8975 has the highest open interest of 32,573.
So it is advisable to go long in near month futures but stay short in mid month futures, unlike forex options, where contracts are traded over OTC via currency brokers, currency futures are traded on exchanges that provide regulation in terms of centralized pricing and clearing.
NSE (National Stock Exchange) FX future, is a futures contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. On NSE the price of a future contract.
In the vast majority of instances, buyers and sellers will offset their original positions before the last day of trading (a day that varies depending on the contract) by taking an opposite position.
NSE offers when a currency futures contract is held to expiration and is physically settled, the appropriate exchange and the participant each have duties to complete the delivery.
BEARISH VIEW ON GBP IN GBP/INR CURRENCY PAIRGBP looks very weak against INR & Trend has reversed.
INR will gather more strength going forward as per Technical & Global economy study.
Lower top lower bottom formation is clearly visible on chart & my big prediction is GBP will fall to 80 Pound in next 2 years time period.
DISCLOSURE: I DO NOT HAVE ANY POSITIONS IN GBP/INR CURRENCY PAIR.
DISCLAIMER: IT IS SIMPLY MY PERSONAL VIEW AND I DO NOT TAKE RESPONSIBILITY OF ANY LOSSES INCURRED(IF ANY) BY ACTING ON ABOVE INFORMATION.
