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Mtechtips MCX-SX GBPINR INTRADAY trading analysis 07-10-2016

Thursday, October 6, 2016 23:02
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Mtechtips MCX-SX GBPINR INTRADAY trading analysis 07-10-2016


MTECHTIPS Sterling seized center stage in early Asian trading on Friday, plunging to fresh three-decade lows in thin conditions as a break of key technical support levels triggered wave of stop-loss orders.The pound came under renewed pressure on Thursday, against a backdrop of anxiety about a “hard” exit by Britain from the EU and about Prime Minister Theresa May’s comments on the impact of loose monetarypolicy, which some saw as a thinly veiled attack on the Bank of EnglandGBPINR extended its recent bearish move and drop more 0.30% yesterday.  Today, pair open with 1.75% fall and trading around 83.45 compare to previous close of 84.9075 levels.Near term trend expect to remain negative and fresh sell could arise below 83.00 target 82.65-82.40, else wait for rise towards 83.90-84.00. Stop loss above 85.15.On the upside, strong resistance is seen at 84.30 and probability for momentum gain towards 84.80-85.10 could arise above this level.





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