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).
“A business is successful to the extent that it provides a product or service that contributes to happiness in all of its forms.” "To provide best value for money to clients through personalized service, innovative products, best trading and investment strategies and state-of-the-art technologies. We at Mtech tips believe that 'Our services combined with our clients trust will lead to a prosperous Mtech tips family'".
We are entirely client centric, with a clear focus on providing long term value addition to clients, while maintaining the highest standards of excellence, ethics and professionalism. We are committed for:
• Integrity and transparency in all Services.
• Providing investment solutions based on quality and unbiased research.
• Providing personalized services to all Subscriber and business associates.
• Achieving success through client’s growth.
Latest posts by MTECHTIPS (see all)
- MTECHTIPS;-Silver to trade in 41190-42350 range: Achievers Equities - February 1, 2017
- MTECHTIPS-Apply For 2 Days Free Equity & Commoditytrial tips - February 1, 2017
- MTECHTIPS:- Bank Nifty FEB Future: - February 1, 2017