ICICI Direct, Pound depreciated by 0.12% yesterday on strong dollar and diminishing hopes for an interest rate hike.
December 08, 2021 / 08:48 AM IST
ICICI Direct’s currency report on GBPINR
Pound depreciated by 0.12% yesterday on strong dollar and diminishing hopes for an interest rate hike. Further, pound fell on rising concern over surge in COVID19 cases. Britain’s health minister said there is now community transmission of Omicron variant across regions of England • Pound is expected to trade with negative bias on strong dollar and worries over rising COVID-19 cases in country. Further, pound may slips as doubt grew on whether Bank of England will raise interest rates in December meeting. However, sharp downside may be cushioned on rise in risk appetite in the global markets and improved economic data from country.
Intra-day strategy
| GBPINR December futures contract (NSE) | |
| Sell GBPINR in the range of 100.25-100.27 | |
| Target: 99.95 | Stop Loss: 100.40 |
| Support: 100.05/99.95 | Resistance: 100.40/100.50 |
Disclaimer:
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