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Mtechtips MCX-SX GBPINR INTRADAY trading analysis 14-08-2015

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 14-08-2015
Mtechtips Pound edged higher Thursday as bets for Federal Reserve rate hike decreased after Chinese yuan depreciation strengthened the greenback globally hurting prospects of a Federal Reserve rate hike next month. Buy strategy given above 101.60 was rocked yesterday and GBPINR tested first upside target 102.00 day high was at 102.1850. Intraday price action resulted in formation of long bullish candle stick which is indicating for bullishness in days to come. Further, GBPINR would need to trade above 102.22 in order to give next upside move towards 102.40-102.65 and above.Risky traders may go short around 102.00-102.05 for the target 101.50-101.00 Stop loss will be 102.20.
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