GBPINR – Prices trading in an uptrend channel

GBPINR – Prices trading in an uptrend channel

Namita Khurana
15 Oct 2019 06:25 PM
Analysing the daily chart of GBPINR, we observe that the price action is trading in uptrend channel connected by the upper trend line and the lower trend line. The price action is currently trading near the upward trend line, which is acting as a near-term resistance to the price action. We noticed a rally in GBPINR prices from 83.29-mark to 89.52-mark. Applying Fibonacci tool to this rally, we observe that the price action is currently trading near the Golden retracement ratio of 61.8% with its next expected resistance projected at retracement ratio of 71.8%.

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