ICICI Direct's currency report on GBPINR
The pound edged down almost 0.90% amid strong US dollar. Meanwhile, further downside was restricted on sharp rise in UK 10 years bond yields. Additionally, the pound was supported on improving appetite for risk ahead of a big week of British data that could provide clues on the outlook for monetary policy • The pound is expected to trade with a negative bias amid strength in US dollar. Meanwhile, sharp downside may be prevented on uptick in UK 10 years bond yields. GBPINR is facing strong resistance at 102.53 and is likely to trade in a downward trend towards the level of 102.20 for the day.
Intra-day strategy
| GBPINR Apr futures contract (NSE) | |
| Sell GBPINR in the range of 102.38-102.40 | |
| Target: 102.20 | Stoploss: 102.53 |
| Support: 102.20/102.10 | Resistance: 102.50/102.60 |
For all Currency report, click here
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