GBPINR Elliott Wave Counts

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 GBPINR spot 4 hour chart



Analysis

As shown above chart, the currency pair continues to move in a higher highs and higher lows and it is moving precisely in rising channel. It is important to see if prices break the level of 99 levels which will not only break the support of the channel but also will complete one higher degree of wave count.

If the pair fails to break the important support then prices will continue to rise and can even move higher surpassing the level of 102.4.

As per wave theory, if prices fail to break 99 levels then wave v will be extended and prices will continue to soar. Failure to do so will open negative possibilities and the pair can touch 97 levels.

The summation is GBPINR needs to break the level of 99 which can drag prices near till 97 levels. If it fails and climbs above 101.3 then there are high chances for it to even climb beyond 102.4 levels.

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