Mtechtips MCX-SX GBPINR INTRADAY trading analysis 25-07-2016
MTECHTIPS Pound fell Thursday after the release of a lower than expected UK economic data. UK retail sales dipped amid fall in the government borrowing, ahead of the Brexit from European Union bloc.GBPINR extended its momentum upwards move for second consecutive day and after hitting 89.2425 intraday high settled at 89.04. 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.