GBP/INR may rise 235 - 341 pips

107.358 is our pivot point.

Our preference

The upside prevails as long as 107.358 is support.

Alternative scenario

Below 107.358, expect 107.179 and 107.073.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). 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 107.368 and 107.187). Finally, the GBP/INR has crossed above its upper Bollinger band (107.559).

Supports and resistances

108.113 **

108.007 *

107.900 **

107.794

107.559 last

107.428

107.358 **

107.179 *

107.073 **

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