Jan 14 2019

GBPINR :- Time to retrace back

GBPINR:- A decent rally from 88.00 mark to current levels (91.08) is likely to take a relief near 91.60 mark. A neckline resistance of Head and shoulder pattern is coming at 91.60, which might be the  probable destination from where bulls would take some rest before approaching further highs. A strong resistance of 200 day simple moving is at 91.60, earlier the average acted well as a resistance on 10 Dec 2018 at 91.71 (previous peak).  Momentum indicator, Stochastic slow is hovering in its overbought zone with a reading of 86, while the Relative Strength Index (14 days)is neutral at 61 mark(close to its overbought territory). Once GBPINR tests 91.60 level, the RSI (14) would also reach its extreme levels. As per studies, GBPINR would retrace back to 89.50-90.00 levels. Any close above 91.80 – will negate the above view.