ICICI Direct's currency report on GBPINR
The pound appreciated by 0.47% yesterday on a weak dollar and rise in domestic markets. Further, the British government said England would not get any new Covid-19 related restrictions before end of 2021. Also, UK may follow US and reduce the self isolation period to five days as a number of scientist in the country said UK should follow in the footsteps of US and reduce the isolation period • The pound is expected to trade with a positive bias amid weakness in the dollar and rise in risk appetite in the global markets. Market sentiments improved as concern over new variant Omicron eased. Investors sentiments has been buoyed on signs that a jump in cases in many countries is not leading to new widespread lockdown. Governments across the globe are implementing mild restrictions like reducing quarantine times to try to avoid disruptions. However, sharp upside may be capped on expectation of disappointing economic data.
|GBPINR January futures contract (NSE)|
|Buy GBPINR in the range of 100.95-100.97|
|Target: 101.25||Stop Loss: 100.80|
|Support: 100.80/100.70||Resistance: 101.15/101.25|
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