GBPINR Elliott Wave Analysis

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 GBPINR 4 hour chart Spot


Analysis

Cable has been in the limelight off lately after the new PM of UK has started quantitative easing by buying bonds. Last week, UK Finance Minister was sacked after Tax fiasco, thus making the markets quite volatile and so as its currency.

As seen in the above chart, the pair has smartly recovered from the bottom of 84 levels and now holds the level of 92, this level is been tested twice and there is a possibility now for the pair to test the support which is placed at 90.

RSI has reversed from the overbought terrain and can move back towards the oversold territory over short term.

Wave theory suggests, after completing wave v of wave c lower, prices might have started a corrective wave or an impulse, where it has completed wave i/a at 92 and now moving down to complete wave ii/b.

The summation is GBPINR can dip near till 90.30-90 levels over short term as far as 92 holds on closing basis.


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