GBPINR: Expanding Diagonal In Wave 5?

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 GBPINR 5 hour chart

Analysis

As shown in the above chart, prices are moving in an expanding wedge pattern which gives an indication that there is a limited upside seen in this pair. Also RSI is exhibiting negative divergence supporting my view that upside is capped. 

Wave theory suggests that, prices are moving in wave 5 and in this wave there are high chances of ending or expanding diagonal to form. In this case prices are forming expanding diagonal pattern. Within this pattern wave iii is over and wave iv will move down towards 101.40-101.20 range which will end wave iv and then last leg which is wave v of wave 5 will open surpassing 103.00 levels.

The summation is GBPINR can be bought around 101.40-101.20 levels for the resistance placed at 103.00 levels.

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