GBP/INR may rise 365 - 506 pips

Our pivot point stands at 106.106.

Our preference

The upside prevails as long as 106.106 is support.

Alternative scenario

The downside breakout of 106.106 would call for 105.870 and 105.729.

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 106.145 and 106.169).

Supports and resistances

107.129 **

106.988 *

106.847 **

106.706

106.341 last

106.199

106.106 **

105.870 *

105.729 **

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