GBP/INR may rise 330 - 486 pips

Our pivot point is at 107.944.

Our preference

The upside prevails as long as 107.944 is support.

Alternative scenario

The downside breakout of 107.944 would call for 107.682 and 107.526.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 108.037 and 107.914).

Supports and resistances

109.014 **

108.858 *

108.702 **

108.546

108.216 last

108.047

107.944 **

107.682 *

107.526 **

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