GBP/INR may rise to 110.171 - 111.042

Our pivot point is at 107.041.

Our preference

The upside prevails as long as 107.041 is support.

Alternative scenario

The downside breakout of 107.041 would call for 105.581 and 104.712.

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 106.502 and 106.121).

Supports and resistances

112.783 **

111.912 *

111.042 **

110.171

108.391 last

107.614

107.041 **

105.581 *

104.712 **

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