Hello traders, just a fun trade on one of the lesser common mixes. Good for carry trade. Multiple cypher patterns at play , buying positions could be added right at the structure below
I'm anticipating this move prior any signal of reversal, I might be wrong since last candle have strong downside movement. And there is no sign of reversal yet.
Considering Brexit, Head and shoulder pattern can be formed if we can see more strength in GBP or more weakness in INR in coming days. Which will help to complete this pattern and great setup to trade...
This pair's bearish strength has been extremely robust after violating supports at 94.3766, Sterling managed to gain against Indian rupee but collapsed at day highs of 97.3747 levels (see circled areas how strongly it has held at the same juncture and bounce back).
As a result, we are seeing a bearish candle with big real body.
Most importantly, bearish...
GBP looks very weak against INR & Trend has reversed.
INR will gather more strength going forward as per Technical & Global economy study.
Lower top lower bottom formation is clearly visible on chart & my big prediction is GBP will fall to 80 Pound in next 2 years time period.
DISCLOSURE: I DO NOT HAVE ANY POSITIONS IN GBP/INR CURRENCY PAIR.
DISCLAIMER: IT IS...
