Mtechtips MCX-SX GBPINR INTRADAY trading analysis 22-08-2016
MTECHTIPS Buy around 87.40-87.50 Target 87.85-88.25. Stop loss below 87.25. GBPINR has stalled its recent bearish trend and after hitting a low of 86.38 recovered towards 88.20. Pound appreciated as investors covered their short term positions as pound breached its lowest level since Jul 11 Monday. Pound extended gains after the Britain’s inflation rose in the month of July. Technically, the weekly price action resulted in formation of bullish engulfing line candle stick pattern which is indicating for trend reversal in GBPINR. Further, pair would need to trade below 86.30 in order to test 85.90-85.55 its next downside move.