Mtechtips MCX-SX GBPINR INTRADAY trading analysis 19-10-2016
MTECHTIPS Pound snapped two-day gains Tuesday tracking weakness in the dollar index however investors await US inflation data.The pound held above 82.00 level on Tuesday after data showing that the cost of living in the U.K. rose at the fastest rate in 22 months in September, amid a sharp fall in sterling in the aftermath of the June 23 Brexit vote. It was the highest inflation rate since November 2014.TechnicalGBPINR had a volatile Tuesday and settled at 82.05 levels with recovery rally of 0.80%. On the EOD chart pair failed to break its short term SMA which yet creating probability for correction. On the upside, strong resistance is seen at 82.30 and trend reversal could take place only above these levels and pair may test 82.55-82.75.May sell around 82.10-82.15 Target 81.85-81.60. Stop loss above 82.30.