Mtechtips MCX-SX GBPINR INTRADAY trading analysis 16-08-2016
MTECHTIPS Sell below 86.80 Target 86.25-86.00 Stop loss above 87.05.
GBPINR extended its recent bearish trend, and fell to one-month low 86.74 before closing at 86.89. Sharp weakness was noted after dollar strengthened following to better-than-expected jobs openings in June. Adding to this, lower than expected UK manufacturing production and trade data for June also added weakness in the pair. Sell strategy given below 87.90 was successful and pair hit both target. Technically, near term trend is expected to remain bearish following to break down of pennant pattern on the weekly chart. 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.