ICICI Direct, The pound depreciated by 1.25% yesterday amid a bounce back in the dollar and risk aversion in global markets.
January 06, 2023 / 10:05 AM IST
ICICI Direct’s currency report on GBPINR
The pound depreciated by 1.25% yesterday amid a bounce back in the dollar and risk aversion in global markets. Further, disappointing economic data from the country added downward pressure. UK Services PMI data showed activity in the sector contracted for a third consecutive month • The pound is expected to trade with a negative bias mainly on the back of a strong dollar and weak global market sentiments. Further, expectations of unsatisfactory economic data from Britain will hurt the sterling. GBPUSD is likely to slip back to 1.1820 level as long as it sustains above 1.2000 level. GBPINR (January) is expected to trade in a range of 98.40-99.20.
Intra-day strategy
| GBPINR Jan futures contract (NSE) | |
| Sell GBPINR in the range of 98.98-99.00 | |
| Target: 98.60 | Stoploss: 99.20 |
| Support: 98.60/98.40 | Resistance: 99.20/99.50 |
For all Currency report, click here
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06012023 – currency
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