ICICI Direct, The pound rose by 0.24% on Thursday amid expectations of further interest rate hikes by the Bank of England as inflation in Britain accelerated to a nearly 30-year high.
February 18, 2022 / 09:11 AM IST
ICICI Direct’s currency report on GBPINR
The pound rose by 0.24% on Thursday amid expectations of further interest rate hikes by the Bank of England as inflation in Britain accelerated to a nearly 30-year high. However, pessimistic sentiments in the UK markets and uptick in dollar capped further upside in the British currency • The pound is expected to trade with a positive bias today, due to expectations of improved retail sales data from the UK. UK retail sales YoY is projected to increase by 8.7% in January 2022 compared to the previous month of -0.9%. However, stronger dollar and risk aversion in the global markets may cap further upside in the sterling. GBPINR (February) is expected to rise towards 102.70 level for the day.
Intra-day strategy
| GBPINR February futures contract (NSE) | |
| Buy GBPINR in the range of 102.20- 102.22 | |
| Target: 102.52 | Stop Loss: 102.07 |
| Support: 102.07/101.82 | Resistance: 102.52/102.70 |
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