ICICI Direct, The pound depreciated by 1.08% on Friday amid renewed dollar strength. Further, the pound was pressurised by weakness in UK government bond yields.
June 20, 2022 / 08:40 AM IST
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ICICI Direct’s currency report on GBPINR
The pound depreciated by 1.08% on Friday amid renewed dollar strength. Further, the pound was pressurised by weakness in UK government bond yields. However, sharp downside was cushioned as Huw Pill said the central bank will carry out more aggressive rate hikes if surging inflation shows signs of becoming a permanent feature of the economy • The pound is expected to trade with a negative bias today on the back of strong dollar. GBPUSD retreated from its key resistance level at 1.2350 and failed to break its key support level at 1.2190. It is likely to continue its downward move and break key support level at 1.2190 to touch 1.2130 level. We expect GBPINR to trade in the range of 96.25 to 95.60.
Intra-day strategy
| GBPINR June futures contract (NSE) | |
| Sell GBPINR in the range of 96.00 – 96.02 | |
| Target: 95.60 | Stoploss: 96.25 |
| Support: 95.60 – 95.40 | Resistance: 96.30 – 96.40 |
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