ICICI Direct, The pound depreciated by 1.12% on Tuesday amid strong dollar and weak economic data.
June 15, 2022 / 09:09 AM IST
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ICICI Direct’s currency report on GBPINR
The pound depreciated by 1.12% on Tuesday amid strong dollar and weak economic data. The unemployment rate in the UK edged higher to 3.8% in April from 3.7% in March and compared to forecasts of 3.6%. Further, the pound was pressurised by weak average earnings index data. Average weekly earnings including bonuses in the UK increased by 6.8% in April, below 7% in the March and much less than forecasts of 7.6% • The pound is expected to trade with a negative bias today on the back of strong dollar and weak economic growth. GBPUSD broke crucial level of 1.2020 and it is likely to continue its down trend. We expect GBPINR to trade in the range of 94.75 to 94.10.
Intra-day strategy
| GBPINR June futures contract (NSE) | |
| Sell GBPINR in the range of 94.50 – 94.52 | |
| Target: 94.10 | Stoploss: 94.75 |
| Support: 94.00 – 93.80 | Resistance: 94.80 – 95.00 |
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