ICICI Direct, The pound depreciated by 0.16% yesterday amid strong dollar and risk aversion in the global markets.
April 13, 2022 / 08:40 AM IST
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ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.16% yesterday amid strong dollar and risk aversion in the global markets. Additionally, pound reacted slightly on news that British Prime minister and Finance minister will receive fines for breaking lockdown rules. Meanwhile, upbeat job data from Britain supported market expectations of further rate hikes. UK jobless rate declined further to 3.8% in February, slipping further below the level it was at before the pandemic • The pound is expected to trade with positive bias ahead of CPI data. Inflation is projected to remain elevated in March 2022. Strong labour market and stubbornly high inflation will make case stronger for BOE to keep tightening monetary policy. However, sharp upside may be capped on firm dollar and pessimistic global market sentiments. GBPINR (April) is expected to trade in a range of 99.00-99.55.
Intra-day strategy
| GBPINR April futures contract (NSE) | |
| Buy GBPINR in the range of 99.25-99.27 | |
| Target: 99.55 | 99.10 |
| Support: 99.10/99.00 | Resistance: 99.45/99.55 |
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