GBP/INR may rise to 108.278 - 109.402

Our pivot point stands at 104.291.

Our preference

The upside prevails as long as 104.291 is support.

Alternative scenario

The downside breakout of 104.291 would call for 102.408 and 101.287.

Comment

The RSI is above its neutrality area at 50. 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 104.782 and 104.823).

Supports and resistances

111.648 **

110.525 *

109.402 **

108.278

105.872 last

105.030

104.291 **

102.408 *

101.287 **

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