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ICICI Direct’s currency report on GBPINR

The pound edged up by 0.35% on Monday trading close to a 10-month high hit earlier this month amid weak US dollar and uptick in UK 10 years bond yields. Further, the pound was supported as markets expect the Bank of England to continue tightening its policy to bring down inflation • The pound is expected to trade with a positive bias amid weakness in the US dollar. GBPINR is likely to rally till 102.20 levels as long as it sustains above 101.70 levels. A sustained break above 102.20 level will open the doors for 102.50/102.60 levels.

Intra-day strategy

GBPINR Apr futures contract (NSE)
Buy GBPINR in the range of 101.88-101.90
Target: 102.20Stoploss: 101.70
Support: 101.70/101.60Resistance: 102.20/102.30

For all Currency report, click here

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25042023 - curr

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