ICICI Direct, The pound depreciated by almost 0.80% on Friday amid strong US dollar.
Broker Research
August 22, 2022 / 08:32 AM IST
ICICI Direct’s currency report on GBPINR
The pound depreciated by almost 0.80% on Friday amid strong US dollar. However, further downside was prevented by strong economic data from Britain. Retail sales in the UK unexpectedly rose 0.3% over the previous month in July 2022, recovering from declines in the last three months and beating market forecasts of a 0.2% fall. Sales of non-store retailing (predominantly online retailers) rebounded by 4.8 % as a range of promotions in July 2022 boosted purchases • The pound is expected to trade with a negative bias for the day amid strong US dollar. Further, the pound may be pressurised as British consumer sentiment in August fell to its lowest since at least 1974, a survey showed, as households feel “a sense of exasperation” about the soaring costs, as inflation hit double digits. GBPUSD is likely to break hurdle of 1.1800 to continue its downward trend towards the level of 1.1760. GBPINR (August) is likely to trade in a range of 94.90-94.40
Intra-day strategy
| GBPINR Aug futures contract (NSE) | |
| Sell GBPINR in the range of 94.70-94.72 | |
| Target: 94.40 | Stoploss: 94.90 |
| Support: 94.40/94.20 | Resistance: 94.90/95.00 |
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22082022 – currency
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