ICICI Direct, The pound edged lower by 0.80% on Wednesday amid strong dollar.
June 02, 2022 / 09:52 AM IST
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ICICI Direct’s currency report on GBPINR
The pound edged lower by 0.80% on Wednesday amid strong dollar. Further, weak UK manufacturing PMI data pressurised the pound. UK manufacturing PMI fell to 54.6 in May from 55.8 in April, pointing to the slowest growth in factory activity since January last year. The slowdown was driven by weaker growth of domestic demand, lower intakes of new export work and ongoing disruption caused by stretched supply chains, rising cost pressures and the war in Ukraine • The pound is expected to trade with a negative bias today on the back of strong dollar. Further, the pound may be pressurised by concerns on slower economic growth. GBPINR retreated from its key resistance level at 98.10 and continued its downtrend towards its key support level at 97.80. We expect the GBPINR to trade in the range of 97.60 to 98.10 for today.
Intra-day strategy
| GBPINR June futures contract (NSE) | |
| Sell GBPINR in the range of 97.90 to 97.92 | |
| Target: 97.60 | Stoploss: 98.10 |
| Support: 97.70 – 97.55 | Resistance: 98.00 – 98.20 |
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