Mtechtips MCX-SX GBPINR INTRADAY trading analysis 19-09-2016
MTECHTIPS Sell around 88.30-88.40 Target 87.75-87.35. Stop loss above 88.55 Pound remained worst performer among major currencies last week as the Bank of England Monetary Policy Committee (MPC) unanimously kept its interest rates unchanged while indicated that it would cut them again before the end of the year. Bank of England held its benchmark interest rates steady on Thursday but telegraphed that it still expects to cut it again later this year if the U.K. economy weakens as officials expect. However the currency pair inched higher towards 89.1675 as data showed UK retail sales remained resilient in August after a strong in July. a strong reversal from 23.8% Fibonacci entrancement of its previous fall is indicating for bearishness in the GBPINR. Further, sustain trade above 89.85 only will expect to test 91.80-92.25.