The pair is showing a price resistance compared to its previous high. If it sustains there will be some profit booking. We could play a short term short or wait for a nice entry at the dip.
Hello,
Pattern : Bullish Crab
Stock : FX_IDC:GBPINR
Time Frame : 4 Hour TF.
Always look for reversal patterns in rectangle box area which is a reversal zone and take trade basis on it.
Note : This chart is only for study and reference purpose.
GBPINR didn't bounceback and instead breached the support level to drop further. It is fast approaching another Critical Support level of 93.
I expect it to continue falling back till that level before we see a change in direction.
In my previous update on GBPINR, I informed that it was at a critical level and may decide the next big movement.
It reached the bottom of the support area and we see a strong bullish candle coming up. This could mean it's time for it to move back towards higher levels again.
For those requiring a confirmation, may wait for a green candle again before going long.
GBPINR has again come to the region where it starts moving sideways before making a move to either of the directions.
200 EMA is acting as a strong support level at the moment, which also coincides with a key level.
I feel a breakout below this level would mean it dropping to the 93 level. A bounce back from this place would mean that we may go long up till 97.
GBPINR has been moving within a range since last many days.
Personally, I would plan to open a position when it breaks either of the edge of this channel. Additionally, it looks like there are more chance of it moving towards downside seeing the EMA-20 line.
