Mtechtips MCX-SX GBPINR INTRADAY trading analysis 30-08-2016
MTECHTIPS Pound traded at one-week low Monday as dollar strengthened sharply after the Federal Reserve Chair, Janet Yellen hinted at a near term rate hike in the world’s largest economy.GBPINR retraced more than 0.65% and settled at 88.34 levels compare to 88.9325 previous closed. Near term trend expect to remain bearish and any rise towards 88.40-88.50 could attract short term selling activities. Target would be 88.00-87.75 and below. On the upside, strong resistance is seen at 89.00 and pair would need to trade above it in order to test 89.35-89.70.