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ICICI Direct's currency report on GBPINR
The pound dipped yesterday amid strong dollar and weak economic data. Further, weak global risk sentiments and expectations for a more aggressive policy tightening by the US central bank pressurised pound. Britain consumer price inflation data that showed inflation reached to 9%, given that the UK economic activity had slowed sharply during the first quarter • The pound is expected to trade with a negative bias today amid strong dollar and expectations over slower economic growth. GBPINR is trading below its strong resistance level of Rs 96.00. We expect GBPINR to trade with a negative bias today in the range of Rs 96.40 to Rs 95.40.
Intra-day strategy
| GBPINR May futures contract (NSE) | |
| Sell GBPINR in the range of to 96.00 to 96.05 | |
| Target: 95.50 | Stoploss: 96.32 |
| Support: 95.74 - 95.50 | Resistance: 96.30 - 96.65 |
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