ICICI Direct, The pound appreciated by 0.58% on the back of weakness in dollar and on rise in risk appetite in the UK markets.
Broker Research
March 17, 2022 / 09:10 AM IST
Representative image: Source: Reuters
ICICI Direct’s currency report on GBPINR
The pound appreciated by 0.58% on the back of weakness in dollar and on rise in risk appetite in the UK markets. Additionally, muted oil prices continued to support the pound • The pound is expected to appreciate today amid expectations of a rate hike by the Bank of England (BoE). The BoE has already increased its interest rates twice since December. Going ahead, market participants expect a further interest rate rise to 0.75% from 0.50% in today’s monetary policy committee meeting, which may lift the British currency. GBPINR (March) is taking strong support at 99.60 level. As long as it sustains above this level, it is expected to head further towards 100.60 for the day.
Intra-day strategy
| GBPINR March futures contract (NSE) | |
| Buy GBPINR in the range of 100.09- 100.10 | |
| Target: 100.40 | Stop Loss: 99.95 |
| Support: 99.95/99.70 | Resistance: 100.40/100.60 |
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