Moneycontrol PRO

Sell GBPINR; target of : 95.20: ICICI Direct

ICICI Direct, The pound dropped marginally by 0.02% on Thursday amid strong dollar and weak manufacturing PMI data.

June 24, 2022 / 10:01 AM IST
Representative image

Representative image

ICICI Direct's currency report on GBPINR

The pound dropped marginally by 0.02% on Thursday amid strong dollar and weak manufacturing PMI data. UK manufacturing PMI fell to a 23 month low 53.4 in June from 54.6 in May, missing market expectations of 53.7. Output growth slowed the most since February of 2021 amid weaker demand and significant supply issues. However, sharp downside was prevented by strong composite PMI data. UK composite PMI rise to 53.1 in June from 51.8 in the previous month and above market expectations of 52.6 • The pound is expected to trade with a negative bias today amid strong dollar. Further, investors will closely watch UK retail sales data as it is expected to fall from 1.4% to -0.7%. GBPINR is likely to trade in the range of 95.85 to 95.20.

Intra-day strategy 

GBPINR June futures contract (NSE)
Sell GBPINR in the range of 95.60 - 95.62
Target: 95.20Stoploss: 95.85
Support: 95.20 - 95.00Resistance: 95.85 - 96.00

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

first published: Jun 24, 2022 10:00 am
Sections
ISO 27001 - BSI Assurance Mark