GBPINR : Extracting Triangle, Neo Wave

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GBPINR Weekly Continuous chart

In the above weekly chart, prices are trading in a sideways pattern shown by two horizontal lines. As far as price persists in the range of 98-88 levels no trending move is expected. Prices which were moving in a rising black channel has eventually given a bearish break by moving below it which opens negative possibilities.

Weekly RSI is below 50 which is a negative sign. Break of 87 levels will start a lower high and lower low formation which will change the trend from positive to negative.

Prices will continue to move lower going ahead but there is no confirmation of price. For price confirmation it is important that 88 levels is broken decisively.

From Wave perspective, cable is moving in an extracting triangle in wave b and it is on the brink to complete this wave which will open wave c down dragging prices way lower till 78 levels in near term.

In short, prices will be negatively poised once the level of 88 is broken which can take prices down till 78 levels over coming week.

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