Buy GBPINR; target of : 102.50 : ICICI Direct

Rupee

ICICI Direct's currency report on GBPINR

The pound appreciated by 0.50% on Wednesday as traders pared back their holdings of safe-haven US dollar. Further, the pound was supported as labour productivity in the US, grew 0.4% quarter on quarter in the three months to December 2022, above preliminary estimates of 0.3% • The pound is expected to trade with a positive bias amid a soft US dollar. GBPUSD is likely to continue its upward trade towards the level of 1.2525, as long as it sustains above the level of 20 DMA at 1.2440. GBPINR is expected to continue its upward trend towards the key resistance level of 102.50.

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27042023 - curr