GBP/INR may rise 323 - 466 pips

Our pivot point stands at 106.920.

Our preference

The upside prevails as long as 106.920 is support.

Alternative scenario

The downside breakout of 106.920 would call for 106.680 and 106.537.

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 107.046 and 106.876).

Supports and resistances

107.910 **

107.767 *

107.623 **

107.480

107.157 last

107.015

106.920 **

106.680 *

106.537 **

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