Mtechtips MCX-SX GBPINR INTRADAY trading analysis 12-07-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 12-07-2016
MTECHTIPS Pound traded down Monday on expectations that the Bank of England will likely ease its monetary policy this week to tackle impact of United Kingdom’s exit from the European Union.The pair also plunged as the dollar surged to four-month high after robust non-farm payroll data increased expectations of a near-term Federal Reserve rate hike After hitting a low of 86.6650 GBPINR saw pullback towards 87.5950, and settled down by 0.22%. Intraday price action resulted in formation of hammer candle stick which is indicating for bearish trend reversal or temporary recovery.But pair would need to trade above 87.70 in order to test 88.00-88.50, else bearish trend expect to continue.
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