GBP/INR may rise 325 - 482 pips

Our pivot point is at 108.591.

Our preference

The upside prevails as long as 108.591 is support.

Alternative scenario

Below 108.591, expect 108.328 and 108.171.

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 108.646 and 108.431).

Supports and resistances

109.607 **

109.450 *

109.293 **

109.136

108.811 last

108.694

108.591 **

108.328 *

108.171 **

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