October 23, 2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 03-10-2016
MTECHTIPS Sell below 86.80 Target 86.00-85.65. Stop loss above 87.30 Pound extended its fall for second consecutive week and retraced from the weekly high 87.85 towards 86.1050 as the Bank of England Monetary Policy Committee (MPC) unanimously kept its interest rates unchanged while indicated that it would cut them again before the end of the year. Technically, on the weekly chart GBPINR trading on its crucial support 86.35 which is coincide with its 14 August low and pair would need to trade below this level in order to test 84.50-84.00, else failure of the break down could result strong reversal and currency could test 88.00-89.50 again.


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