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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 18-10-2016

Monday, October 17, 2016 23:00
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Mtechtips MCX-SX JPYINR INTRADAY trading analysis 18-10-2016

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MTECHTIPS Pound extended fall during mid-European trades Monday tracking strength in dollar after robust economic data from the world’s biggest economy strengthened bets for an interest rate hike by the Federal Reserve in December.After hitting a low of 81.35, GBPINR saw mild recovery and settled at 81.4625 compare to previous day close of 81.8425 levels.  Intraday price action resulted in formation of hammer candle stick which is indicating for neutralization of the bearishness and GBPINR may show temporary recovery towards 82.50-82.80 before any next bearish move as medium term trend is bearish.

WWW.MTECHTIPS.COM

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