Mtechtips MCX-SX GBPINR INTRADAY trading analysis 16-05-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 16-05-2016
MTECHTIPS :- Pound extended its recent bearish trend for second week as concerns over possible exit of UK from European Union continued pressurized the currency. Dollar index which strengthened more than 2% after Federal Reserve officials hinted at near term Fed rate increase also contributed d weakness in the GBP. Pound weakened also as UK March industrial and manufacturing production fell short of expectations, while BOE hold its benchmark interest rate at 0.50% and cut its growth forecast for the second quarter to 0.3%, compared to the prior estimate of a 0.5% expansion.Technically, short term sentiment has been shifted in bearish trend and GBP-INR expect to retraced towards 95.50-95.00 again following to the strong resistance of 98.35 coincide with 61.8% Fibonacci Retracement of previous fall. On the other hand, GBP-INR would need to trade above 98.30 in order to test 99.00-99.50.
Sell around 96.80-96.90 Target 96.20-95.80 Stop loss above 97.10 (LTP: 96.51).
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