Mtechtips MCX-SX GBPINR INTRADAY trading analysis 27-01-2016

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 27-01-2016

Mtechtips Pound snapped three-day gains Monday ahead of the Federal Open Market Committee meeting scheduled for Wednesday amid growing fears that UK may prefer to exit from the European Union.After hitting a high of 97.27, GBPINR settled at 97.01. Intraday price action resulted in formation of inverted hammer which is indicating for short term trend reversal in GBPINR.   Today, GBPINR witnessed 90 paisa positive opening at 97.70 and trading at 97.9625 levels. Immediate resistance is seen at 98.00 sustain trade above will expect to test 98.35-98.65 on the downside, 97.65 will be the crucial support for today and break below only could expect correction towards 96.20-96.00 again.

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