Pound depreciated by 0.62 percent on Friday’s trading session on the back of disappointing economic data from the country and strong dollar. Manufacturing production and Industrial production data showed that the activity in the sectors slows down. In intraday Pound touched a low of 1.2867 and closed at 1.289 against Dollar.
Pound is expected to trade with negative bias on the back of disappointing economic data from UK. Poor economic data may fuel the worries over economic health of the country. Traders are worried that string of disappointing data may deter Bank of England from raising interest rates.
Traders will remain cautious ahead of Brexit negotiations. Demand for dollar may go up on expectation of one more rate hike this year after upbeat job data from US. GBPINR July expected to trade in a range between 83.0 on lower side and 84.0 on higher side with sideways down trend.