Mtechtips MCX-SX GBPINR INTRADAY trading analysis 05-06-2017

Mtechtips MCX-SX GBPINR INTRADAY trading analysis 05-06-2017
MTECHTIPS:- Pound rupee future monthly outlook June 2017Pound rupee future in month of May closed at 83.17 with flatloss but with high volatility. After last month recovery gains pound seen someprofit booking this month and closed in red against rupee. This month we almostsaw 3 rupee range and then flat negative closing.For month of June 2017, gbp inr future outlook remain bearishbelow 83.5 resistance zone on daily closing basis. On downside my bearish swingtargets zones are 82.35 and then 81.5 rupee. if recovers and gives closingabove 83.5 then reverse then trading strategy and follow buy on dips for
targets 84.35 and then 85.5.Currency traders keep wait and watch strategy for now asprice patterns are bearish but indicators suggesting strong recovery. So wait for 83.5 and if negative closing happens below it go short for big downsidepositional targets.
From long term view, pound rupee future opened bearish andhit low around 79 and now recovered but outlook still bearish and on downside pound might fall up to 76.6 in 2017.