ICICI Direct, The pound appreciated by 1.50% on Wednesday amid pull back in dollar and expectation on potential interest rate hike by BOE.
June 16, 2022 / 08:56 AM IST
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ICICI Direct’s currency report on GBPINR
The pound appreciated by 1.50% on Wednesday amid pull back in dollar and expectation on potential interest rate hike by BOE. However, further upside was capped by pull back in UK 10 years bond yields. The pound is expected to trade with a positive bias today on the back of weak dollar. Further, Investors will closely watch BOE interest rate decision today, as it is expected that BOE may raise interest rate again. GBPUSD rebounded from its key support level at 1.1995 and It is likely to break the hurdle of 1.2200 to continue its upward move. We expect GBPINR to trade in the range of 94.70 to 95.40.
Intra-day strategy
| GBPINR June futures contract (NSE) | |
| Buy GBPINR in the range of 94.90 – 94.92 | |
| Target: 95.40 | Stoploss: 94.60 |
| Support: 94.60 – 94.45 | Resistance: 95.40 – 95.60 |
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