ICICI Direct, The pound advanced by 1.00% on Friday amid a decline in the dollar. Further, the pound was supported by stronger than expected economic data from Britain.
November 14, 2022 / 09:11 AM IST
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ICICI Direct’s currency report on GBPINR
The pound advanced by 1.00% on Friday amid a decline in the dollar. Further, the pound was supported by stronger than expected economic data from Britain. The British economy contracted by a less severe than expected 0.2% in Q3CY22. Additionally, industrial production in the UK rose by 0.2% from a month earlier in September 2022, rebounding from a downwardly revised 1.4% contraction in the prior month and beating market forecasts of a 0.2% drop. It marks the first month of expansion in industrial output since May • The pound is expected to trade with a positive bias for the day amid weakness in the US dollar and rise in risk appetite in global markets. GBPUSD is likely to break the key resistance level of 1.1840 to continue its upward trend towards the level of 1.1940 in the coming trading session. GBPINR (November) is expected to trade towards the level of 95.40
Intra-day strategy
| GBPINR Nov futures contract (NSE) | |
| Buy GBPINR in the range of 94.90-94.92 | |
| Target: 95.40 | Stoploss: 94.60 |
| Support: 94.60/94.40 | Resistance: 95.40/95.60 |
For all Currency report, click here
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14112022 – currency
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