There could be one more rate hike before RBI hits the pause button.
ICICI Direct’s currency report on GBPINR
The pound depreciated by 1.20% yesterday amid a strong dollar and sharp drop in UK 10 year’s bond yields. Further, the pound fell after a bigger-than-expected drop in UK inflation in January, which raised expectations that the Bank of England may end its interest rate hiking cycle soon • The pound is expected to trade with a negative bias for the day amid a drop in UK 10 year’s bond yields and rising dollar. GBPUSD is likely to break the key support level of 1.1960 to continue its downward trend towards the level of 1.1880. GBPINR (February) is expected to drop towards the level of 99.70.
Intra-day strategy
| GBPINR Feb futures contract (NSE) | |
| Sell GBPINR in the range of 100.10-100.12 | |
| Target: 99.70 | Stoploss: 100.35 |
| Support: 99.70/99.60 | Resistance: 100.35/100.50 |
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16022023 – currency
