Mtechtips MCX-SX GBPINR INTRADAY trading analysis 14-10-2016
MTECHTIPS Pound traded down Thursday as dollar strengthened after the Federal Open Market Committee meeting minutes released hinted Federal Reserve might increase the benchmark interest rates in December.GBPINR made new multi month low 81.4150 and settled with mild recovery at 81.8625 levels. Intraday price action resulted in formation of hammer candle stick which is indicating for neutralization of the bearishness and GBPINR may show temporary recovery towards 82.50-82.80 before any next bearish move as medium term trend is bearish.On the downside, a break below 81.40 could trigger correction towards 81.00-80.65.
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