ICICI Direct, The pound appreciated yesterday amid a weakness in dollar and rise in risk appetite in global markets.
November 09, 2022 / 10:07 AM IST
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ICICI Direct’s currency report on GBPINR
The pound appreciated yesterday amid a weakness in dollar and rise in risk appetite in global markets. Meanwhile, sharp upside in sterling was capped as Bank of England Chief Economist Huw Pill warned of difficult path ahead of British economy • The pound is expected to trade with a positive bias amid weakness in the dollar and optimistic global market sentiments. Dollar is showing softness as investors are vigilant ahead of inflation data and outcome of midterm elections from the US. Market participants will scrutinise the inflation data to see how will it impact the US Fed rate hike decision. Additionally, outcome of midterm elections will decide who will control congress. Divided government may raise possibility of legislative gridlock • Moreover, British Finance Minister Jeremy Hunt will deliver his planned fiscal statement next week where he is expected to raise taxes and slash spending. GBPINR (November) is expected to trade in a range of 93.75-94.40.
Intra-day strategy
| GBPINR Nov futures contract (NSE) | |
| Buy GBPINR in the range of 94.10-94.12 | |
| Target: 94.40 | Stoploss: 93.95 |
| Support: 93.95/93.75 | Resistance: 94.40/94.50 |
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09112022 – currency
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