ICICI Direct, Pound depreciated by 0.59% yesterday amid strong dollar and as Bank of England signalled slowdown in its interest rate hiking cycle.
May 12, 2022 / 09:16 AM IST
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ICICI Direct’s currency report on GBPINR
Pound depreciated by 0.59% yesterday amid strong dollar and as Bank of England signalled slowdown in its interest rate hiking cycle. Further, series of disappointing economic data from Britain raised the concern over economic health of the country • Pound is expected to trade with negative bias on firm dollar and risk aversion in the global markets. Additionally, disappointing economic data from Britain will continue to hurt sterling. GDP data is likely to show that economy expanded at slower pace in Q1 CY2022. GBPINR (May) is expected to trade in a range of 95.00-95.45.
Intra-day strategy
| GBPINR May futures contract (NSE) | |
| Sell GBPINR in the range of 95.30-95.32 | |
| Target: 95.00 | Stoploss: 95.45 |
| Support: 95.10/95.00 | Resistance: 95.45/95.55 |
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