GBP/INR may rise 232 - 326 pips

Our pivot point is at 106.491.

Our preference

The upside prevails as long as 106.491 is support.

Alternative scenario

The downside breakout of 106.491 would call for 106.334 and 106.240.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 106.562 and 106.510).

Supports and resistances

107.129 **

107.035 *

106.941 **

106.847

106.615 last

106.553

106.491 **

106.334 *

106.240 **

Number of asterisks represents the strength of support and resistance levels.