ICICI Direct's currency report on GBPNR
The pound moved higher on Monday, after BoE Governor Andrew Bailey sounded hawkish. In his speech he cited key concerns on inflation numbers and assured to take additional tightening measure to contain the inflation in the region • The pound is likely to move higher amid weakness in dollar and improved global risk sentiments. The pair held the support of 10 day EMA at 1.218 and is is expected to move higher towards the next target resistance of 1.2340. The bullish crossover of 10 and 20 day EMA is going to support the pair to scale back towards last weeks highs. GBPINR (April) is expected to hold the support near 100.90 and rise towards 101.50- 101.740.
Intra-day strategy
| GBP INR Apr futures contract (NSE) | |
| Buy GBPNR in the range of 100.28-100.30 | |
| Target: 101.74 | Stoploss: 101 |
| Support: 101/100.80 | Resistance: 101.74/101.90 |
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