ICICI Direct's currency report on GBPINR
The pound appreciated by 0.07% yesterday mainly on the back of soft dollar and rise in risk appetite in domestic markets. Further, the British currency rose after higher than expected inflation data fuelled the expectation of rate hike next month. Additionally, BoE Governor Andrew Bailey said he was concerned inflation pressures may get prolonged than previously forecast. Political turmoil kept the pound in check • The pound is expected to trade with a positive bias amid retreat in dollar and surge in UK bond yields. Furthermore, elevated inflation and strong labour market strengthen the case for further rise in interest rates. Meanwhile, fear over political turmoil will weigh on British currency. As per media report 11 lawmakers from the Conservative party have submitted letters of no confidence in Boris Johnson.
Intra-day strategy
| GBPINR January futures contract (NSE) | |
| Buy GBPINR in the range of 101.50-101.53 | |
| Target: 101.75 | Stop Loss: 101.35 |
| Support: 101.35/101.25 | Resistance: 101.75/101.85 |
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