GBP/INR – Cypher formation, flirting with LT rising trend line

Weekly chart – Cypher set up

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The above chart shows a cypher formation could be in the making if we see a reversal from the area around point C.  Sterling has been heavily sold and is now oversold on the daily as well as intraday time frame.

Furthermore, the pair is also flirting with a long-term rising trend line support seen on the weekly chart below

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A rebound from rising trend line followed by a break above the double top neckline would increase odds of the cypher formation.

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