ICICI Direct's currency report on GBPINR
The pound appreciated by 1.50% on Wednesday amid pull back in dollar and expectation on potential interest rate hike by BOE. However, further upside was capped by pull back in UK 10 years bond yields. The pound is expected to trade with a positive bias today on the back of weak dollar. Further, Investors will closely watch BOE interest rate decision today, as it is expected that BOE may raise interest rate again. GBPUSD rebounded from its key support level at 1.1995 and It is likely to break the hurdle of 1.2200 to continue its upward move. We expect GBPINR to trade in the range of 94.70 to 95.40.
|GBPINR June futures contract (NSE)|
|Buy GBPINR in the range of 94.90 - 94.92|
|Target: 95.40||Stoploss: 94.60|
|Support: 94.60 - 94.45||Resistance: 95.40 - 95.60|
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.