GBP/INR may rise 350 - 505 pips

107.240 is our pivot point.

Our preference

The upside prevails as long as 107.240 is support.

Alternative scenario

The downside breakout of 107.240 would call for 106.980 and 106.825.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 107.321 and 107.197).

Supports and resistances

108.290 **

108.135 *

107.980 **

107.825

107.475 last

107.342

107.240 **

106.980 *

106.825 **

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