ICICI Direct, The pound declined 0.24% on Friday on the back of a surge in dollar and selloff in the global markets.
Broker Research
February 21, 2022 / 09:25 AM IST
Representative image
ICICI Direct’s currency report on GBPINR
The pound declined 0.24% on Friday on the back of a surge in dollar and selloff in the global markets. However, better-than-expected retail sales from the UK prevented further downside in the British currency. UK retail sales YoY jumped to 9.1% in January 2022 compared to the previous month of -1.7% as consumer behaviour changed to normal buying post pandemic • The pound is expected to trade with a negative bias today, due to stronger dollar. However, rising expectations of a further rate hike by the Bank of England may prevent sharp declines in the sterling for the day. GBPINR (February) is facing strong resistance at 102.20 level. As long as it sustains below this level, it is likely to correct further towards 101.20 level for the day.
Intra-day strategy
| GBPINR February futures contract (NSE) | |
| Sell GBPINR in the range of 102.20- 102.22 | |
| Target: 101.40 | Stop Loss: 101.86 |
| Support: 101.40/101.20 | Resistance: 101.86/102.20 |
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