Monthly chart indicates that wave 5 is in going on.

Wave 5 is expected to be a 5 wave move out of which wave 1 and 2 are over.
Wave 3 is in progress.
Major support and resistance zone as indicated in chart. Weekly chart indicates wave 1 in 5 is a 3 wave move (indicated by ABC ) and accordingly wave 3 in 5 is also expected to be a 3 wave move

Wave 2 is a zigzag and hence based on rule of alteration wave 4 (yet to come) is expected to be either a flat or a triangle.
But whether wave 3 is over? Have wave 4 started? Daily chart indicates wave A in wave 3 is a impulsive 5 wave move and accordingly wave C in wave 3 is also expected to be a 5 wave move.

In wave C the waves 1 and 3 are with 3 internal waves indicating an ending diagonal .
Exhaustion of wave 5 in C was indicated by breaching the upper trend line and an evening star .
The price broke back into the trend line .
Downward movement right now might be the start of major wave 4. If it is wave 4 then GBPINR shall be range bound between 98.6 to 107.0 until Jan 2023. Possible patterns shall be a flat/triangle or combo waves.


READ  Simple look at the AUD CAD range bar settings 12.5 for OANDA:AUDCAD by RobinhoodFX