Mtechtips MCX-SX GBPINR INTRADAY trading analysis 18-05-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 18-05-2016
MTECHTIPS :- Pound posted its biggest intraday gain in four weeks Tuesday after polls showed bets for UK’s exit from the European Union have decreased whereas the campaign in support for UK’s continued membership of EU has strengthened. Adding to the strength in pound, dollar weakened on lower safe-haven bets after crude oil prices surged after supply disruptions in Nigeria led Goldman Sachs to raise its price forecast.GBP-INR has made impressive gains of almost 0.80% yesterday and settled at 96.99 levels. The pair has retraced more than 1.40% from 61.8% Fibonacci Retracement levels from its previous swings. Hence, near term outlook may remain bearish and any rise towards 96.60-96.80 could attract huge selling pressure unless it gives a closing above 97.15. A break above 97.15 only could result positive move towards 97.50-97.75.
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