ICICI Direct, The pound depreciated by 0.37% yesterday amid strong dollar and as world bank slashed its global growth outlook.
April 19, 2022 / 08:39 AM IST
ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.37% yesterday amid strong dollar and as world bank slashed its global growth outlook. Further, pound slipped on lack of clarity on how much aggressive BOE will be this year regards to its monetary policy • The pound is expected to trade with a negative bias amid firm dollar and risk aversion in global markets. Market sentiments were hurt on worries over supply chain disruption, escalating geopolitical tensions in Ukraine and major central banks across globe adopting aggressive monetary tightening policy to combat inflation. Further, investors will remain vigilant ahead of IMF meeting to see whether it cut its global growth forecast and by how much. GBPINR (April) is expected to trade in a range of 99.50-99.05.
ntra-day strategy
| GBPINR April futures contract (NSE) | |
| Sell GBPINR in the range of 99.33-99.35 | |
| Target: 99.05 | Stoploss: 99.50 |
| Support: 99.15/99.05 | Resistance: 99.50/99.60 |
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