ICICI Direct's currency report on GBPINR
The pound dropped by more than 0.40% yesterday amid a strong US dollar and gloomy global market sentiments. Further, the pound was pressurised after British Finance Minister Jeremy Hunt announced a budget with a string of tax increases and tighter public spending, saying the economy is already in recession and set to contract next year • The pound is expected to trade with a negative bias for the day amid strong US dollar and risk aversion in global markets. The pound may slip further on concerns over economic growth as Jeremy Hunt said Britain's economy is forecast to shrink next year, with the GDP projected to contract by 1.4% next year. Meanwhile, market participants will closely watch retail sales data from Britain, which is expected to rise from -1.40% to 0.30%. GBPINR (November) is expected to trade towards the level of 96.40
|GBPINR Nov futures contract (NSE)|
|Sell GBPINR in the range of 96.80-96.82|
|Target: 96.40||Stoploss: 97.05|
|Support: 96.40/96.20||Resistance: 97.05/97.20|
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