Mtechtips MCX-SX GBPINR INTRADAY trading analysis 21-10-2016
MTECHTIPS Pound fell for second consecutive session Thursday after lower than expected UK retail sales data dampened sentiments. UK retail sales remained unchanged in September following a strong summer signaling Britain’s exit from the European Union, reported the Official for National Statistics on Thursday.GBPINR consolidated around 82.00 levels and settled at 82.0475, down by 0.08%. On the EOD chart pair failed to break its short term SMA and formed an indecisive candle stick which yet creating probability for correction and every rise towards 82.10-82.15 is expect to attract short term selling activities. 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.