ICICI Direct's currency report on GBPINR
The pound appreciated by 0.23% on Monday amid weak dollar and hawkish comments from Catherine Mann. Ms Mann said on Monday that the Bank of England should raise rates faster than it has so far because sterling's weakness is adding to Britain's inflation pressures • The pound is expected to trade with a positive bias today amid weak dollar. However, investors will remain vigilant ahead of CBI Industrial Trends Orders data. GBPUSD is expected to surpass the hurdle of 1.2280 to continue its upward trend towards 1.2350 level. GBPINR is likely to trade in the range of 95.30 to 96.30.
Intra-day strategy
| GBPINR June futures contract (NSE) | |
| Buy GBPINR in the range of 95.70 - 95.72 | |
| Target: 96.30 | Stoploss: 95.30 |
| Support: 95.30 - 95.20 | Resistance: 96.30 - 96.40 |
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