ICICI Direct's currency report on GBPINR
The pound rose marginally by 0.03% on Thursday amid weakness in the US dollar. Meanwhile, sharp upside was capped as British inflation is proving far more obstinate than expected and is far higher than anywhere else in Western Europe, underscoring the threat to an already fragile economy. The pound is expected to trade with a positive bias amid weak US dollar. GBPINR is expected to surpass the immediate hurdle of 102.28 to continue its upward trend towards the level of 102.40.
Intra-day strategy
| GBPINR Apr futures contract (NSE) | |
| Buy GBPINR in the range of 102.20-102.22 | |
| Target: 102.50 | Stoploss: 102.00 |
| Support: 102.00/101.90 | Resistance: 102.50/102.60 |
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