ICICI Direct, The pound appreciated by 0.13% yesterday amid strong jobs data from the country. Jobs data showed employers hired a record number of staff in November 2021.
December 15, 2021 / 09:12 AM IST
MapmyIndia IPO
ICICI Direct’s currency report on GBPINR
The pound appreciated by 0.13% yesterday amid strong jobs data from the country. Jobs data showed employers hired a record number of staff in November 2021. However, sharp upside was capped on strong dollar and selloff in global markets. Further, hopes for an interest rate hike in upcoming meeting dampened after the spread of Omicron variant and subsequent imposition of restrictions • The pound is expected to trade with a positive bias on improved economic data from the country. UK CPI data is likely to show that inflation accelerated by 4.8% in November 2021 compared to 4.2% in preceding month. Strong jobs data and elevated inflation may push BoE to remain hawkish. However, sharp upside may be capped on a strong dollar and pessimistic global markets. Investors fear that rising Covid-19 cases in the country along with imposition of restrictions to curb the spread of new variant will have a negative impact on economy
Intra-day strategy
| GBPINR December futures contract (NSE) | |
| Buy GBPINR in the range of 100.58-100.60 | |
| Target: 100.90 | Stop Loss: 100.45 |
| Support: 100.45/100.35 | Resistance: 100.85/100.90 |
Disclaimer:
Read More
