Mtechtips MCX-SX GBPINR INTRADAY trading analysis 08-09-2016
MTECHTIPS Pound snapped over seven-week high Wednesday on profit taking and weak manufacturing data from the United Kingdom. Also, pound remained under pressure after data released Wednesday showed British manufacturing output fell at the fastest pace in a year in July.GBPINR had a neutral to positive day yesterday. On the EOD chart pair trading above the 61.8% Fibonacci Retracement of its previous swing which is indicating for upside move to continue and pair may test 89.20-89.35 again. On the downside, crucial support is seen at 88.85 and probability for correction will increase below this level for the target 88.50-88.35.