Nov 19 2018

GBPINR – Technical commentary

GBPINR:-A sharp fall is seen in GBPINR from 98.52 (marked on 11th Oct 2018) to a low of 91.48 (15 Nov 2018), a huge 7Rs fall only in a single month – which was actually anticipated on the technical charts. A strong indication of bearish reversal pattern is formed on the dailies of GBPINR – a  formation of “Head and shoulder” pattern at the top. Generally for getting the target range, the length of pattern is being projected on the lower side (after neckline breakout). The studies are indicating a direction of GBPINR towards 88 only. Neckline for the pattern is at 93 mark while the length of the pattern is calculated as 5Rs, which means for neckline (93), a sum of 5Rs projected lower for getting the desired target( 93 – 5 = 88). Before inching further lows, a pullback move toward the breakout zone is still pending – which can be used for entering in short of GBPINR. A immediate support of 200 day Simple Moving Average(SMA) seems favouring the pair at 91.81, which is probably could help GBPINR to test back its breakout zone.