ICICI Direct, The pound declined 0.54% on Friday amid weak macroeconomic data from Britain.
August 17, 2022 / 08:53 AM IST
ICICI Direct’s currency report on GBPINR
The pound declined 0.54% on Friday amid weak macroeconomic data from Britain. The British economy contracted 0.1% on quarter in the three months to June 2022, marking the first contraction in more than a year and compared to market forecasts of a 0.2% fall. Further, manufacturing output in the UK declined 1.6% MoM in June 2022, compared with market estimates of a 1.8% fall and swinging from an upwardly revised 1.7% rise a month earlier. However, sharp downside was restricted by a rise in UK 10 years bond yields • The pound is expected to trade with a positive bias for the day amid expectations of strong inflation data from Britain. UK CPI is expected to rise from 9.4% to 9.8% in July. GBPUSD is likely to surpass the hurdle of 1.2130 to trade in upward trend towards the level of 1.2210. GBPINR (August) is likely to trade in a range of 96.60- 96.90.
Intra-day strategy
| GBPINR Aug futures contract (NSE) | |
| Sell GBPINR in the range of 96.80-96.82 | |
| Target: 96.50 | Stoploss: 97.00 |
| Support: 96.50/96.40 | Resistance: 97.00/97.10 |
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17082022 – currency
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