Mtechtips MCX-SX GBPINR INTRADAY trading analysis 12-09-2016
MTECHTIPS Buy above 89.20 Target 89.65-89.80. Stop loss below 88.95
OrRisky traders may sell around 88.90-89.00 Target 88.55-88.10. Stop loss above 89.20.GBPINR trend remained mixed in last week as investors await monetary policy meeting of Bank of England next week.Pound has gained in recent sessions as incoming data showed UK economy fared better than expected in most indicators in the after math of UK’s decision to end 43-year old membership of the European Union Meanwhile, UK’s trade deficit with the rest of the world narrowed in the month of July. on the weekly chart GBPINR struggling to break its immediate resistance 89.80 and consolidating in between 88.10-89.20 levels. Hence, its expected that any rise towards 89.50-89.60 could attract huge selling activities unless it breaks above 89.85 coincide with 23.8% Fibonacci Retracement level. Further, sustain trade above 89.85 only will expect to test 91.80-92.25. Bank of England policy is due on 15 September 2016 is expect to hold volatile move in the pair.