ICICI Direct, The pound appreciated by 0.36% on Wednesday on the back of higher consumer inflation reading from UK
February 17, 2022 / 09:02 AM IST
Representative image
ICICI Direct’s currency report on GBPINR
The pound appreciated by 0.36% on Wednesday on the back of higher consumer inflation reading from UK. The UK annual inflation rate accelerated to 5.5% in January 2022, highest since 1992. However, sharp gains were prevented on decline in UK 10 year treasury yields • The pound is expected to trade with a positive bias today, due to a softer dollar. Additionally, expectations of further interest rate hike by the Bank of England to control higher inflation may support the sterling on the lower side. GBPINR (February) is taking strong support at 101.80 level. As long as it sustains above this level, it is likely to rise towards 102.40 level for the day.
Intra-day strategy
| GBPINR February futures contract (NSE) | |
| Buy GBPINR in the range of 101.95- 101.96 | |
| Target: 101.25 | Stop Loss: 101.60 |
| Support: 101.80/101.60 | Resistance: 102.25/102.40 |
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