Mtechtips MCX-SX GBPINR INTRADAY trading analysis 11-05-2016
MTECHTIPS :- Pound snapped five-day losses Tuesday on short covering amid narrowing United Kingdom trade deficit. UK’s trade deficit in goods fell to GBP 11.2 billion in March from GBP 11.4 billion a month ago. The economists had expected level of deficit was GBP 11.45 billion.GBPINR continued to trade below its near term resistance 97.40 for fifth consecutive day, while retracing from every rise 97.05-97.10 levels. It’s expected that GBPINR may remain under pressure unless it gives a closing above 97.40. Further, GBPINR would need to trade above these levels in order to test 97.80-98.00.