Mtechtips MCX-SX GBPINR INTRADAY trading analysis 01-08-2016
MTECHTIPS GBP-INR August Future Sell around 89.70-89.80 Target 89.00-88.20. Stop loss above 90.10 GBPINR witnessed neutral to negative move last week and settled at 88.7075 compare to previous close of 88.3725 levels. However, European Commission’s monthly survey which surprised the market by releasing a dismal UK business sentiment report and Bank of England policymaker who turn dovish was added some weakness in the pair. Technically, near term trend is expected to remain bearish following to failure of trend reversal candle stick formation.Further, since last three week GBPINR struggling to break above its immediate resistance 23.8% Fibonacci Retracement which also creating probability for bearishness in near term.