ICICI Direct's currency report on GBPINR
The pound depreciated by 0.15% on Friday amid thin traded volumes ahead of Christmas holidays. However, sharp downside was cushioned on weakness in the dollar and optimistic global market sentiments • The pound is expected to trade with a positive bias on weakness in the dollar, rise in UK short term government bond yields and optimistic global markets sentiments. Market sentiments improved as studies have shown that Omicron variant is less severe than Delta strain, fuelling hopes that governments across the globe may not need to widen restrictions and it would not significantly derail a global economic recovery. However, sharp upsides may be capped amid thin traded volumes ahead of holiday.
|GBPINR December futures contract (NSE)|
|Buy GBPINR in the range of 100.50-100.52|
|Target: 100.80||Stop Loss: 100.35|
|Support: 100.35/100.25||Resistance: 100.70/100.80|
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