Mtechtips MCX-SX GBPINR INTRADAY trading analysis 22-04-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 22-04-2016

MTECHTIPS :- The pound edged lower against the U.S. dollar on Thursday, after the release of downbeat U.K. retail sales data dampened optimism over the strength of the British economy The U.K. Office for National Statistics said that retail sales fell 1.3% in March, compared to the prior 0.5% drop whose figure was revised from the original 0.4% decrease. Analysts had expected retail sales to slip 0.1% last month.GBPINR remained below the short term consolidation resistance of 95.55 and settled at 95.44 levels. In near term either side break of this consolidation may give 1-2% sharp move in GBPINR. Hence, one can buy above 95.60 for the target 96.35-96.60, else sell around 95.45-95.50 Target 95.00-94.80.

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