ICICI Direct, Pound appreciated by 0.04% yesterday amid weak dollar and on growing expectations that Bank of England will raise interest rates as early as next month.
January 14, 2022 / 09:25 AM IST
ICICI Direct’s currency report on GBPINR
Pound appreciated by 0.04% yesterday amid weak dollar and on growing expectations that Bank of England will raise interest rates as early as next month. Further, investors see limited risk linked to Prime Minister Boris Johnson’s party scandal. Additionally, British foreign minister Liz Truss resumed talks with EU to resolve post-Brexit disputes over trading rules • Pound is expected to trade with positive bias on weakness in dollar, expectation of improved economic data from Britain and on anticipation that Bank of England will raise rates as early as next month despite of surge in coronavirus cases. Additionally, market sentiments will get boost as Britain focused more on rolling booster vaccination rather than implementing sticker covid-19 restrictions or lockdown.
|GBPINR January futures contract (NSE)|
|Buy GBPINR in the range of 101.65-101.67|
|Target: 101.95||Stop Loss: 101.50|
|Support: 101.50/101.40||Resistance: 101.85/101.95|