ICICI Direct's currency report on GBPINR
The pound wiped its gains on Friday amid strong dollar. The pair lost more than 0.50% on Friday and moved below the 1.2450 mark after testing one week high at 1.2544 • The pound is expected to trade under pressure and slid towards 1.24 amid firm dollar. The pair is trading below the key 20 day EMA at 1.2450, which could act as key hurdle for the day. GBPINR is likely to slide towards 102.20, as long as it trades under the 20 day EMA at 102.80.
Intra-day strategy
| GBP INR June futures contract (NSE) | |
| Sell GBPINR in the range of 102.60-102.62 | |
| Target: 102.30 | Stop Loss: 102.75 |
| Support: 102.30/102.00 | 102.75/102.90 |
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