October 21, 2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 16-09-2016

MTECHTIPS The pound slid lower against the dollar on Thursday after the Bank of England kept monetary policy on hold, but indicated that it could cut interest rates again unless the economy picks upThe Bank of England’s monetary policy committee voted to hold interest rates at an all-time low of 0.25%.It also left its quantitative easing program unchanged, at £435 billion. Both decisions were unanimous, the banks meeting minutes showed.The central banks meeting minutes showed that it is less pessimistic about the outlook for the U.K. economy.GBPINR settled down by 0.42% at 88.56 levels. Intraday price action resulted in formation of high wave candle stick which is indicating for indecisive trend in GBPINR.Massive resistance is seen at 89.20 and sustained trade above only will expect to test 89.55-89.80.On the downside, crucial support is seen at 88.80 and probability for correction will increase below this level for the target 88.50-88.35.




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