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Pound faced severe backlash just a little more than week back, when Bank of England (BOE) pushed back inflation and rate hike expectations in its monetary policy statement, quarterly inflation bulletin and minutes, pushing pound down more than 350 points against Dollar.
However, Pound has since then pushed back against Dollar and other currencies. While expectation for rate hike got pushed back, it is nevertheless vital to recognize that Bank of England (BOE) is closest to FED in hawkish bias and there is serious possibility of a rate hike if inflation crawl back in UK economy.
Last week pound has been struggling to break 1.527 resistance area against Dollar and there are possibilities of a downfall if it fails to clear it. Even then the pair might move up against INR as we expect to be Rupee to much weaker in the event of a risk aversion and UK economy has more to gain from further easing from ECB than India or Rupee.
Short term upside looks attractive.
Trade idea -
- Buy Pound at current rate (100.7) with stop loss around 100.2 and 99.8 targeting 102.5 area.
