Mtechtips MCX-SX GBPINR INTRADAY trading analysis 05-08-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 05-08-2016
MTECHTIPS ound fell over 1% in the mid-European trades Thursday after the Bank of England slashed its interest rates for the first time since 2009 and restarted its bond purchase program to counter economic consequences of UK’s historic exit from the European Union last month.GBPINR turn bearish after BOE policy and after breaching the support 89.10 tested 88.4550 before closing at 88.48 levels. A bearish pennant break down was observed on the GBPINR EOD chart which is potential to give bearish outlook for in the pair.Sell around 88.15-88.20 Target 87.70-87.40. Stop loss above 88.35. WWW.MTECHTIPS.COM
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