ICICI Direct, The pound appreciated by 0.03% on the back of downtick in the dollar and optimistic sentiments in the UK markets.
February 08, 2022 / 09:12 AM IST
AGS Transact Technologies IPO
ICICI Direct’s currency report on EURINR
The pound appreciated by 0.03% on the back of downtick in the dollar and optimistic sentiments in the UK markets. However, concerns over political crisis in the British government capped further upside in the Sterling • The pound is expected to depreciate today mainly due to fears over ongoing political uncertainty in the Boris Johnson government. However, hawkish stance from Bank of England and weakness in the dollar likely to provide some support to the pound on lower side. The GBPINR (February) is facing strong resistance at 101.78 levels. As long as they sustain below this level, GBPINR is likely to correct further towards 100.90 levels for the day.
Intra-day strategy
| GBPINR February futures contract (NSE) | |
| Sell GBPINR in the range of 101.42-101.44 | |
| Target: 101.12 | Stop Loss: 101.60 |
| Support: 101.12/101.90 | Resistance: 101.60/101.78 |
Disclaimer:
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