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Buy GBPINR; target of : 96.50: ICICI Direct

ICICI Direct, The pound gained marginally by 0.11% on Friday amid weak dollar and strong retail sales data.

June 27, 2022 / 08:26 AM IST
Representative image

Representative image

ICICI Direct's currency report on GBPINR

The pound gained marginally by 0.11% on Friday amid weak dollar and strong retail sales data. Retail sales in the UK declined 0.5% MoM in May, after a downwardly revised 0.4% increase in April and compared to market expectations of a 0.7% fall. Sales in food stores declined 1.6% due to the impact of rising food prices and the cost of living. Further, pound was supported by uptick in UK government bond yields • The pound is expected to trade with a positive bias today amid weak dollar. GBPUSD is expected to break the hurdle of 1.2324 to continue its upward trend towards the level of 1.2360. GBPINR is likely to trade in the range of 96.00 to 96.50.

Intra-day strategy 

GBPINR June futures contract (NSE)
Buy GBPINR in the range of 96.20 - 96.22
Target: 96.50Stoploss: 96.00
Support: 96.00 - 95.90Resistance: 96.50 - 96.60

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first published: Jun 27, 2022 08:26 am
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