GBPINR Expanding Diagonal and Post Impact

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GBPINR 5 hour chart

 
Analysis 

As seen in the above chart, prices are moving in a sideways action with the range narrowing in between 102.30-101.80 levels. As far as prices are moving in this range, no trending move is expected. This narrowing range opens the possibility of a triangle pattern which is expected to complete once the extreme moves mentioned above is taken out.

From Waves perspective, prices are moving in a corrective pattern (a-b-c) where it moved down from the highs of 102.92 and made a low of 101.26, where wave a was completed, followed by wave b which is in process of making a symmetrical triangle pattern (a-b-c-d-e) and then wave c lower which can falter in the range of 100.50-100.00 levels.

The summation is GBPINR is negatively poised and can plunge in the range of 100.50-100.00 levels over short term.

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