ICICI Direct, Pound appreciated by 0.06% yesterday amid weakness in dollar and surge in UK 10 year bond yields.
May 04, 2022 / 08:11 AM IST
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ICICI Direct’s currency report on USDINR
Pound appreciated by 0.06% yesterday amid weakness in dollar and surge in UK 10 year bond yields. Additionally. rise in risk appetite in the global markets and improved economic data from Britain supported pound • Pound is expected to trade with negative bias amid firm dollar and expectation of disappointing economic data from UK. Additionally, investor will remain vigilant ahead of major central banks monetary policy meetings. Fed is likely to accelerate its tightening’s of monetary policy to combat high inflation, whereas, BOE is forecasted soften its stance on monetary tightening. GBPINR (May) is expected to trade in a range of 95.60-96.05.
Intra-day strategy
| GBPINR May futures contract (NSE) | |
| Sell GBPINR in the range of 95.88-95.90 | |
| Target: 95.60 | Stoploss: 96.05 |
| Support: 95.70/95.60 | Resistance: 96.05/96.20 |
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