Mtechtips MCX-SX GBPINR INTRADAY trading analysis 10-10-2016
MTECHTIPS Sell around 83.00-83.10 Target 82.45-82.00. Stop loss above 83.40.GBPINR witnessed its worst weekly drop in over four-month Friday after mounting worries over terms of Britain’s exit from the European Union. Pound depreciated sharply against the dollar, breaching its lowest level since May 6, 1985, Friday after French president Francois Hollande warned the United Kingdom to face “tough Brexit negotiations” as it leave the European Union. sell strategy given below 86.80 was successful with pair drop more than 4%. On the weekly chart, GBPINR formed a long bearish candle stick which yet indicating for bearishness in the pair. Further, pair would need to trade below 161.8% Fibonacci Retracement levels 82.40 in order to test 82.00-81.65 and below.