ICICI Direct, The pound depreciated almost 0.30% on Thursday amid strong dollar and as Britain’s softer-than-expected inflation eased tightening pressures from the Bank of England.
ICICI Direct’s currency report on GBPINR
The pound depreciated almost 0.30% on Thursday amid strong dollar and as Britain’s softer-than-expected inflation eased tightening pressures from the Bank of England. Meanwhile, further downside was prevented on uptick in UK 10 years bond yields • The pound is expected to trade with a negative bias for the day amid a strong dollar and expectations that the BoE may soon end its interest rate hiking cycle. Meanwhile, market participants will closely watch retail sales data from the UK, which is expected to improve from -1.00% to -0.30%. GBPINR (February) is likely to break the key support level of 99.50 to continue its downward trend towards the level of 99.30.
Intra-day strategy
| GBPINR Feb futures contract (NSE) | |
| Sell GBPINR in the range of 99.70-99.72 | |
| Target: 99.30 | Stoploss: 99.95 |
| Support: 99.30/99.20 | Resistance: 99.90/100.00 |
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