ICICI Direct, The pound appreciated by 0.33% amid weakness in the dollar and improved risk sentiments in the global markets.
February 03, 2022 / 09:17 AM IST
ICICI Direct’s currency report on GBPINR
The pound appreciated by 0.33% amid weakness in the dollar and improved risk sentiments in the global markets. However, sharp upside was capped on worries over political uncertainty in the Boris Johnson government • The pound is expected to trade with a positive bias mainly due to weakness in the dollar. Moreover, expectations of a more hawkish stance from the today’s BOE monetary policy meeting may lift sterling. However, rising concerns over political turmoil in Britain may cap sharp upside in pound. GBPINR (February) is expected to head further towards 102.20 for the day.
Intra-day strategy
| GBPINR February futures contract (NSE) | |
| Buy GBPINR in the range of 101.56-101.58 | |
| Target: 101.90 | Stop Loss: 101.40 |
| Support: 101.40/101.20 | Resistance: 101.90/102.20 |
Disclaimer:
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