ICICI Direct, The pound depreciated by 0.54% on Wednesday amid dovish comments by a new policymaker.
June 30, 2022 / 08:36 AM IST
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ICICI Direct’s currency report on GBPINR
The pound depreciated by 0.54% on Wednesday amid dovish comments by a new policymaker. Swati Dhingra, who is due to join the BoE in August, said the bank should move very gradually to tighten monetary policy because there were signs that an economic slowdown was much more imminent than previously thought. Further, the pound was pressurised by a drop in UK government bond yields • The pound is expected to trade with a negative bias today amid strong dollar. However, traders will closely watch UK GDP data. GBPUSD is expected to break the hurdle of 1.2100 to continue its downward trend towards the level of 1.2000. GBPINR is likely to trade in the range of 96.40 to 95.80.
Intra-day strategy
| GBPINR July futures contract (NSE) | |
| Sell GBPINR in the range of 96.20 – 96.22 | |
| Target: 95.90 | Stoploss: 96.40 |
| Support: 95.90 – 95.80 | Resistance: 96.40 – 96.50 |
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