ICICI Direct's currency report on GBPINR
The pound edged higher by almost 1.00% and hit a three-month high on Tuesday amid a weak US dollar. Further, stronger than expected average weekly earnings data from Britain supported the sterling. Average weekly earnings including bonuses in the UK increased 6.0% YoY in the three months to September 2022. Meanwhile, further upside was restricted on a rise in UK unemployment rate from 3.5% to 3.6% • The pound is expected to trade with a positive bias for the day amid weak US dollar. Further, investors will remain cautious ahead of the inflation data from the UK, which is expected to rise from 10.1% to 10.70%. A strong job market and soaring inflation may push BoE to hike rates more aggressively. Meanwhile, British Chancellor Jeremy Hunt will deliver autumn budget where he is set to raise taxes and cut spending. GBPUSD is likely to surpass the hurdle of 1.1900 to continue its up trend towards the level of 1.2000. GBPINR (November) is expected to trade towards the level of 96.50.
|GBPINR Nov futures contract (NSE)|
|Buy GBPINR in the range of 96.18-96.20|
|Target: 96.50||Stoploss: 96.00|
|Support: 96.00/95.80||Resistance: 96.50/96.70|
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