GBPINR Elliott Wave Analysis

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 GBPINR 4 hour spot chart


Analysis

As seen in the above chart, Cable continues to move in a positive direction and has picked up momentum much ahead of the political turmoil in UK. At present the pair has the tendency to move in a counter trend which will be more likely to be sideways to negative as RSI is also relieving from the overbought terrain.

The Ichimoku cloud is poised at 98.3 levels where the pair can find support for the short term.

As per wave theory, prices might have completed wave iii in five wave structure and now can retrace back for the iv wave to form. The support is at 98.30-38.25 levels which might complete wave iv followed by wave v. Any move back to 98.50-98.30 can be utilized as a buying opportunity.

The summation is GBPINR can dip towards 98.50-98.3 range which is a buying opportunity as it can move till 99.50-99.8 levels over short to medium term.


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