ICICI Direct, The pound depreciated by 0.89% on Monday due to risk aversion in global markets and worries over Britain’s economic growth due to higher energy prices.
March 08, 2022 / 08:41 AM IST
Source: Reuters
ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.89% on Monday due to risk aversion in global markets and worries over Britain’s economic growth due to higher energy prices. Further, the pound remained under pressure due to a firm dollar and decline in UK bond yields • The pound is expected to depreciate today due to an uptick in dollar. Further, pessimistic sentiments in global markets and rising crude oil prices may hurt the British currency. On the domestic front, rupee deprecation against dollar may provide some support to GBPINR pair on lower side. EURINR (March) is expected to correct further towards 101.30 levels for the day.
Intra-day strategy
| GBPINR March futures contract (NSE) | |
| Sell GBPINR in the range of 101.60- 101.61 | |
| Target: 101.30 | Stop Loss: 101.75 |
| Support: 101.30/101.10 | Resistance: 101.75/101.90 |
Disclaimer:
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