October 28, 2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 08-08-2016
MTECHTIPS Sell below 87.90 Target 87.45-87.00 Stop loss above 88.20
GBPINR witnessed more than 1.5% plunged Thursday after the Bank of England slashed its interest rates for the first time since 2009 to counter economic consequences of UK’s historic exit from the European Union last month. The Bank of England’s Monetary Policy Committee voted unanimously to cut interest rates by 25 basis points to 0.25%, the first rate cut since 2009, and voted 6-3 to expand quantitative easing to 435 billion pounds from 375 billion pounds in six months. 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 WWW.MTECHTIPS.COM


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