Mtechtips MCX-SX GBPINR INTRADAY trading analysis 12-05-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 12-05-2016
MTECHTIPS :- Pound traded down Wednesday as latest polls done by market research firm ICM showed Brexit possibilities still remain high. Pound also weakened as UK March industrial and manufacturing production fell short of expectations. U.K. Industrial production grew 0.3% month-on-month in March, reversing a 0.2% fall in February. Nonetheless, it was slower than the 0.5% rise forecast by economists.
U.K. U.K. Office for National Statistics said that manufacturing production increased by a seasonally adjusted 0.1% in March, worse than expectations for a rise of 0.3% and following a decline of 0.9% a month earlier, that was revised down from an initial read of a 1.1% drop GBPINR continued to trade below its near term resistance 97.40 for sixth 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.

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