ICICI Direct's currency report on GBPINR
The pound edged higher by 1.11% on Wednesday amid weak US dollar. However, further upside was restricted after reports showed British consumer energy debt is already at an all-time high, with six million households owing an average of 206 pounds ($249) to providers, before bills leap in October and again in January • The pound is expected to trade with a positive bias for the day due to weakness in US dollar index. GBPUSD is expected to surpass the hurdle of 1.2250 to continue its upward move towards the level of 1.2300. GBPINR (August) is likely to trade in a range of 96.30-96.70.
|GBPINR Aug futures contract (NSE)|
|Buy GBPINR in the range of 96.30-96.32|
|Target: 96.60||Stoploss: 96.10|
|Support: 96.10/96.00||Resistance: 96.60/96.70|
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