GBP/INR may rise 261 - 368 pips

Our pivot point stands at 107.845.

Our preference

The upside prevails as long as 107.845 is support.

Alternative scenario

Below 107.845, expect 107.666 and 107.559.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 107.835 and 107.762). Finally, the GBP/INR is trading above its upper Bollinger band (standing at 108.012).

Supports and resistances

108.614 **

108.507 *

108.400 **

108.293

108.032 last

107.916

107.845 **

107.666 *

107.559 **

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