ICICI Direct, The pound depreciated by 0.35% on Tuesday amid firmer dollar. Further, weaker than expected UK mortgage approvals data added pressure on pound.
June 01, 2022 / 09:45 AM IST
ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.35% on Tuesday amid firmer dollar. Further, weaker than expected UK mortgage approvals data added pressure on pound. UK mortgage approvals for house purchases decreased to 65,974 in April from 69,531 in March, below market expectations of 69,000. This is the lowest level since June 2020 • Pound is expected to trade with a negative bias today on the back of strong dollar. Further, pound may be pressurized by weak manufacturing pmi data. GBPUSD retreated from its resistance level at 1.2660, we feel the pair to continue its down trend to touch key support level at 1.2450. For today, GBPINR likely to trade in the range of 98.25 to 97.85.
Intra-day strategy
| GBPINR June futures contract (NSE) | |
| Sell GBPINR in the range of 98.08 to 98.10 | |
| Target: 97.85 | Stoploss: 98.25 |
| Support: 97.90 – 97.80 | Resistance: 98.20 – 98.50 |
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