ICICI Direct’s currency report on GBPINR
The pound edged higher by almost 0.50% on Wednesday amid a soft US dollar and rise in UK 10 years bond yields. Additionally, sterling rose as market pricing currently indicates around a 75% chance of one more 25 basis point hike • The pound is expected to trade with a positive bias amid a weak US dollar and rise in UK 10 year’s bond yields. Meanwhile, sharp upside may be capped as UK GDP MoM data is expected to drop from 0.3% to 0.1%. GBPINR is likely to break the level of 102 to trade in an upward trend towards the level of 102.20 for the day.
|GBPINR Apr futures contract (NSE)|
|Buy GBPINR in the range of 101.88-101.90|
|Target: 102.20||Stoploss: 101.70|
|Support: 101.70/101.60||Resistance: 102.20/102.30|
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