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Mtechtips MCX-SX GBPINR INTRADAY trading analysis 06-10-2016

Wednesday, October 5, 2016 22:31
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Mtechtips MCX-SX GBPINR INTRADAY trading analysis 06-10-2016

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MTECHTIPS Pound traded off thirty-one year lows Wednesday as investors covered their short term positions taking advantage of a sharp plunge in the currency pair.  Pound depreciated against dollar to a fresh thirty one year low, its lowest level since Jun 13, 1985 on looming Brexit concerns however the currency pair pared losses on short covering by investors and a better than expected UK Purchasers Manufacturing Index for service sector.Pound depreciated against dollar to a fresh thirty one year low, its lowest level since Jun 13, 1985 on looming Brexit concerns however the currency pair pared losses on short covering by investors and a better than expected UK Purchasers Manufacturing Index for service sector.British Prime Minister Theresa May signalled on Monday, in her speech to the UK Conservative party conference that she would launch the formal exit procedure by the end of the first quarter of 2017, beginning a two-year negotiation period.GBPINR extended its recent bearish move and drop more 0.10% yesterday.  On the EOD chart pair formed three black crows which point for bearishness in days to come and pair may test 84.40-84.00 very soon.  On the upside, strong resistance is seen at 85.55 and pair would need to trade above this level in order to test 85.80-86.10.

WWW.MTECHTIPS.COM

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