Mtechtips MCX-SX GBPINR INTRADAY trading analysis 24-10-2016
MTECHTIPS Sell below 82.10 Target 81.20-80.90. Stop loss above 82.45.GBPINR stalled its recent bearish trend and consolidated around 81.80-82.50 levels last week. Pair drop towards 81.81 after lower than expected UK retail sales data dampened sentiment. Also, pound remained under pressure as dollar strengthened after Federal Reserve New York President William Dudley said he expects the US central bank to hike rates before the year-end. Technically, weekly price action resulted in formation of high wave candle stick which is indicating for temporary recovery before next bearish move. On the downside, crucial support is seen at 81.80 and pair would need to trade below 81.80 in order to test 81.40-81.00.