ICICI Direct, The pound depreciated by 0.55% on Thursday amid concerns over political uncertainty in the Boris Johnson government.
January 28, 2022 / 09:43 AM IST
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ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.55% on Thursday amid concerns over political uncertainty in the Boris Johnson government. Further, surge in dollar added more downside pressure to the pound. However, a sharp downside was cushioned on better than expected CBI trades survey data from UK • The pound is expected to trade with a negative bias amid stronger dollar and rising political uncertainty in the Britain. However, expectation that Bank of England will increase interest rates as soon as next week in policy meeting may support the pound. Meanwhile, further weakness in the rupee against dollar may provide some support to the GBPINR on lower side • The GBPINR (February) is facing strong resistance at 101.20 levels. As long as they sustain below this level, GBPINR is likely to correct further towards 100.20 levels for the day.
Intra-day strategy
| GBPINR February futures contract (NSE) | |
| Sell GBPINR in the range of 100.75-100.78 | |
| Target: 100.50 | Stop Loss: 100.90 |
| Support: 100.50/100.30 | Resistance: 100.90/101.20 |
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