Sell GBPINR; target of : 94.80: ICICI Direct

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ICICI Direct's currency report on GBPINR

The pound depreciated by 0.68% on Friday amid strong dollar and renewed fears of a recession. Further, pound was pressurised by weak manufacturing PMI data. The UK manufacturing PMI fell to a two year low of 52.8 in June from 54.6 in May. Figures were revised lower from an initial estimate of 53.4. Output growth ground to a near standstill pace and new orders contracted for the first time in 17 months • The pound is expected to trade with a negative bias today amid strong dollar and concerns over weak economic growth. GBPUSD is expected to break the hurdle of 1.2045 to continue its downward trend towards the level of 1.1980. GBPINR is likely to trade in the range of 95.60 to 94.80.

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