Mtechtips MCX-SX GBPINR INTRADAY trading analysis 22-07-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 22-07-2016
MTECHTIPS Pound rebounded Wednesday against a firm dollar after the release of a better-than-expected rise in the UK labour market data stating the activity in UK is not slowing post Brexit.Pound rebounded against the greenback after the office for National Statistics released UK unemployment data.Pound rebounded against the greenback after the office for National Statistics released UK unemployment data.The UK’s unemployment rate dropped to its lowest level in 10 years since 2005 in the month of May.The unemployment rate fell to 4.9% in three-months to May from 5.6% a year earlier, while economists had expected to fall by 5%. The last time it was lower was for July to September 2005.The unemployed people were 1.65 million, 54,000 fewer than for the 3-months to February 2016, said the Office for National Statistics.The employment rate rose to 74.4%, the highest since comparable records began in 1971.Technical, After hitting a low of 87.95, GBPINR rebounded towards 88.7425 and settled at 88.5825 levels. On the EOD chart pair trading below the 23.8% of Fibonacci Retracement level of its previous which creating probability for sell on every rise towards 88.85-88.95.On the upside, immediate resistance is seen at 89.30 and pair would need to trade above 89.30 in order to test 89.55-89.80.
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