ICICI Direct's currency report on GBPINR
The pound depreciated by 1.25% yesterday amid a bounce back in the dollar and risk aversion in global markets. Further, disappointing economic data from the country added downward pressure. UK Services PMI data showed activity in the sector contracted for a third consecutive month • The pound is expected to trade with a negative bias mainly on the back of a strong dollar and weak global market sentiments. Further, expectations of unsatisfactory economic data from Britain will hurt the sterling. GBPUSD is likely to slip back to 1.1820 level as long as it sustains above 1.2000 level. GBPINR (January) is expected to trade in a range of 98.40-99.20.
Intra-day strategy
| GBPINR Jan futures contract (NSE) | |
| Sell GBPINR in the range of 98.98-99.00 | |
| Target: 98.60 | Stoploss: 99.20 |
| Support: 98.60/98.40 | Resistance: 99.20/99.50 |
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
