Buy GBPINR; target of : 98.05: ICICI Direct

ICICI Direct, Pound appreciated by 0.24% yesterday on weakness in dollar and rise in risk appetite in the global markets.

May 31, 2022 / 08:47 AM IST

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ICICI Direct's currency report on GBPINR

Pound appreciated by 0.24% yesterday on weakness in dollar and rise in risk appetite in the global markets. Market sentiments improved on easing Covid-19 curbs and new stimulus in China • Pound is expected to trade with negative bias on expectation of disappointing economic data from Britain. Further, sterling may slip on signs of weakening economy and as BOE continues to raise interest rates to combat soaring inflation. However, sharp downside may be cushioned amid weakness in dollar and rise in risk appetite in the global markets. GBPINR (June) is expected to trade in a range of 98.05-98.50.

Intra-day strategy

GBPINR June futures contract (NSE)
Sell GBPINR in the range of 98.33-98.35
Target: 98.05	Stoploss: 98.50
Support: 98.15/98.05	Resistance: 98.50/98.60

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