Mtechtips MCX-SX GBPINR INTRADAY trading analysis 29-08-2016
MTECHTIPS Buy above 90.25 Target 90.75-91.25. Stop loss below 90.00GBPINR was able to gain nearly 0.50% gains last week and after hitting a high of 88.9750 settled at 88.5075. The weakness in dollar index and somewhat favorable economic data from U.K. supported in positive move.The U.K. economy had grown by 0.4% in the previous quarter. On the year, growth was confirmed at 2.2%, compared to 2% in the first quarter. bullish engulfing line candle stick pattern formation on weekly chart is yet indicating for upside move in GBPINR. Further, on the upside massive resistance is seen at 90.25 and sustain trade above only will expect to test 91.80-92.25.