Mtechtips MCX-SX GBPINR INTRADAY trading analysis 05-10-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 05-10-2016

MTECHTIPS Pound fell to the lowest level in thirty-one years Tuesday as investors’ turned cautious due to on-going political and economic uncertainty surrounding the Britain’s schedule to exit from the European Union post UK Prime Minister Theresa May set out Brexit plan.GBPINR extended its recent bearish move and drop more than 1.10% yesterday. As was expected pair hit both predicted levels. On the EOD chart pair formed three black crows which point for bearishness in days to come.  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.Sell around 85.25-85.35 Target 85.00-84.80-84.60. Stop loss above 85.45.

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