GBPINR ANALYSIS 04.01.2020

FX_IDC:GBPINR
Daily chart interpretation 04.01.2020
https://www.tradingview.com/x/sy70i8pj/
1. Trend is Bullish inside recent green channel.
2. Price inside the green channel is under correction.
3. Correction trend is predicted to be inside yellow channel or blue channel.
4. Yellow channel is conforming.
5. Blue channel is yet to be confirmed and can be deleted if not confirmed.
6. As it is correction to uptrend, short or long positions can be possible opportunities inside correction channels in smaller time frames especially 1H.
7. Recent candles 30.12.2019 and 01.01.2020 inside the rectangle have tested resistance of yellow correction channel and are trending down.
8. Last candle on 03.01.2019 is blue candle which implies recent support. It can be used to spot correction to downtrend in 1H time frame and decide on entry and exit.

Hourly chart interpretation
https://www.tradingview.com/x/CtNVjq88/
Hourly chart interpretation
1. Interpretation of price action inside the yellow and blue major correction channels spotted in daily chart.
2. Price is under correction to downtrend and based on 03.01.2020 support candle spotted on daily chart, correction channel is expected to be inside dark blue channel.
3. Based on price action the downtrend is spotted inside the red channel. However it shall be confirmed only when the price breaks below dark blue correction channel.

Trade setup in Hourly chart
Position type: Sell
Entry: Break below dark blue correction channel
Target: Support trend line of yellow / blue / green channels spotted in daily chart (approx 92.0).
Stop loss: Above recent high