ICICI Direct, The pound appreciated by 0.44% yesterday on a soft dollar and optimistic global markets sentiments.
December 22, 2021 / 09:23 AM IST
MapmyIndia IPO
ICICI Direct’s currency report on GBPINR
The pound appreciated by 0.44% yesterday on a soft dollar and optimistic global markets sentiments. Further, Britain declared support for businesses hit by the latest wave of Covid-19 infections. The UK government announced £1 billion of extra support. However, further upside was capped on worries over rising Covid19 cases and disappointing economic data. British retail sales growth fell sharply in the first half of December. CBI realised sales slumped to 8 in December from 39 in November • The pound is expected to trade with a positive bias on rise in risk appetite in the global markets and as Britain declared support of $ 1.3 billion for businesses hit by the latest wave of Covid-19 infections. However, sharp upside may be capped on expectation of disappointing economic data from country. Further, investors fear that rising Covid-19 cases in the country and imposition of restrictions to curb the spread of new variant will have a negative impact on the economy.
Intra-day strategy
| GBPINR December futures contract (NSE) | |
| Buy GBPINR in the range of 100.53-100.55 | |
| Target: 100.85 | Stop Loss: 100.40 |
| Support: 100.40/100.30 | Resistance: 100.75/100.85 |
Disclaimer:
Read More
