ICICI Direct, The pound depreciated by 0.37% yesterday amid risk aversion in the global markets and disappointing economic data from Britain.
May 25, 2022 / 08:59 AM IST
ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.37% yesterday amid risk aversion in the global markets and disappointing economic data from Britain. Data showed sharp slowdown in business activity fuelling concerns over recession. Composite Purchasing Managers Index fell to 51.8 in May from 57.6 in April lowest since February last year • The pound is expected to trade with a negative bias amid pessimistic global market sentiments and fears of recession. Market sentiments were hurt as business activity at services in US, eurozone and UK grew more slowly due to rising prices and supply chain disruption hampered production at factories in major global economies. Investors are worried that further rise in borrowing cost will hamper growth. A series of disappointing economic data signals that UK economy is losing its momentum. GBPINR (May) is expected to trade in a range of 96.90-97.35
Intra-day strategy
| GBPINR May futures contract (NSE) | |
| Sell GBPINR in the range of 97.18-97.20 | |
| Target: 96.90 | Stoploss: 97.35 |
| Support: 97.00/96.90 | Resistance: 97.35/97.45 |
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