ICICI Direct's currency report on GBPINR
The Pound depreciated by 0.60% on Friday amid strong dollar and risk aversion in global markets. Meanwhile, further downside was prevented as the consumer confidence indicator in the United Kingdom improved to -38 in February 2023 from - 45 in the previous month and pointing to the highest reading since April 2022 • The pound is expected to trade with a negative bias for the day majorly on the back of strong dollar. GBPUSD is likely to break the key support level of 200 DMA at 1.1930 to continue its downward trend towards the level of 1.1870. GBPINR (February) is expected to drop towards the level of 99.10.
Intra-day strategy
| GBPINR March futures contract (NSE) | |
| Sell GBPINR in the range of 99.50-99.51 | |
| Target: 99.10 | Stoploss: 99.75 |
| Support: 99.10/99.00 | Resistance: 99.70/99.90 |
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