ICICI Direct, The pound depreciated yesterday mainly on the back of a strong dollar and weak global market sentiments.
December 07, 2022 / 10:29 AM IST
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ICICI Direct’s currency report on GBPINR
The pound depreciated yesterday mainly on the back of a strong dollar and weak global market sentiments. Further, the sterling slipped on disappointing economic data from the UK. UK Construction PMI fell to 50.4 in November 2022 from 53.2 in the preceding month, indicating activity in British construction industry slowed down • The pound is expected to trade with a negative bias on the back of a strong dollar and risk aversion in global markets. Moreover, a series of poor economic data from Britain indicates that high borrowing cost is impacting the economy severely. GBPUSD is facing strong resistance near 1.2200 level. As long as it sustains below this level the pound may slip back to 1.2050 levels. GBPINR (December) is expected to trade in a range of 100.0-100.65.
Intra-day strategy
| GBPINR Dec futures contract (NSE) | |
| Sell GBPINR in the range of 100.43-100.45 | |
| Target: 100.0 | Stoploss: 100.65 |
| Support: 100.15/100.00 | Resistance: 100.65/100.80 |
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