Mtechtips MCX-SX GBPINR INTRADAY trading analysis 17-10-2016
MTECHTIPS Sell below 81.40 Target 80.90-80.45. Stop loss above 81.65.
Worries of exit from the European Union may impact UK more adversely than previously thought had witnessed more than 1.10% fall in GBPINR. Pound is set to close at over three-decade lows on fears difficult terms of UK’s official exit from the European Union will impact negatively on the British Economy last week French president Francois Hollande warned the United Kingdom to face “tough Brexit negotiations” as it leave the European Union. Technically, sell strategy given below 82.40 was successful with pair drop towards 81.5025. Technically, a pennant break down was found on the weekly chart which is indicating for bearishness in the GBPINR. Further, pair would need to trade below its previous swing low 81.40 in order to test 80.65-80.20.