ICICI Direct, The pound appreciated marginally by 0.01% yesterday amid rise in risk appetite in the global markets.
April 05, 2022 / 08:39 AM IST
ICICI Direct’s currency report on GBPINR
The pound appreciated marginally by 0.01% yesterday amid rise in risk appetite in the global markets. Meanwhile, strong dollar and disappointing economic data from Britain weighed on sterling • The pound is expected to trade with a negative bias amid strong dollar and expectation of weak economic data from Britain. Additionally, market participants fear that prospect of new sanctions on Russia for its war crime may impact global economy which is already struggling with higher inflation. However, rise in risk appetite in the global markets may prevent further downside in pound.
Intra-day strategy
| GBPINR April futures contract (NSE) | |
| Sell GBPINR in the range of 99.45-99.47 | |
| Target: 99.15 | Stop Loss: 99.60 |
| Support: 99.25/99.15 | Resistance: 99.60/99.70 |
Disclaimer:
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