GBPINR Elliott Wave Analysis

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 GBPINR daily fut chart

GBPINR hourly fut chart


From the above daily chart, Cable has just crossed its previous resistance level marked by horizontal line and it is currently trading above it, a sustainable move above this level will infuse buying pressure soaring it above its recent high. RSI which has relieved from overbought zone is now picking up momentum.

As per hourly chart, the pair is moving in a higher highs and higher lows and it is on the brink to cross its previous high. Also there is least possibility for prices to move down from current levels as it is positively poised.

Elliott Wave theory suggests that, prices are moving in wave v in which it is on the brink to complete wave iv of wave v of wave c, once this is completed wave v of wave v will start surging it ill 101 levels.

The summation is GBPINR is all set to move in a positive direction and can cross its previous high in coming trading session ending it near to 101 levels.

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