ICICI Direct, The pound depreciated by 0.08% yesterday amid strong dollar and as data showed business activity remained resilient in March amid surging prices.
March 25, 2022 / 09:12 AM IST
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ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.08% yesterday amid strong dollar and as data showed business activity remained resilient in March amid surging prices. However, sharp downside was cushioned as British Finance Minister Rishi Sunak had cut fuel duty and softened some of a looming payroll tax increase. Further, investors anticipate that elevated inflation would force BoE to continue its aggressive monetary tightening • The pound is expected to trade with a negative bias amid weak global market sentiments and expectation of disappointing economic data from Britain. UK retail sales are forecast to increase at a slower pace by 0.6% in February compared to 1.9% in January. As long as GBPINR (March) sustains below 101.03 it may slip further till 100.60.
Intra-day strategy
| GBPINR March futures contract (NSE) | |
| Sell GBPINR in the range of 100.88-100.90 | |
| Target: 100.60 | Stop Loss: 101.03 |
| Support: 100.70/100.60 | Resistance: 101.03/101.15 |
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