GBPINR: Expanding diagonal

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 GBPINR daily chart


Analysis

As seen in the above chart, prices are moving in a higher highs and higher lows. However, after crossing 100.00 levels, the pair was moving in a very slow pace giving an indication that distribution pattern is on the way. Daily RSI has arrived near to the overbought terrain.

From Waves perspective, prices are moving in wave 5 where it has formed expanding diagonal which has five legs within. It seems that the 5 legs are done where the last leg was more like a zigzag and there are high chances for the pair to reverse and can test the lower trend line placed at 102.00 levels.

The summation is GBPINR has a limited upside and can move down from the zone of 105.00-105.70 levels and can test the level of 102.00 over short term.

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