GBP/RUB may rise to 128.900 - 133.350

109.560 is our pivot point.

Our preference

The upside prevails as long as 109.560 is support.

Alternative scenario

Below 109.560, expect 102.380 and 98.110.

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 111.767 and 111.917). Finally, the GBP/RUB is trading above its upper Bollinger band (standing at 117.680).

Supports and resistances

142.250 **

137.800 *

133.350 **

128.900

119.979 last

112.380

109.560 **

102.380 *

98.110 **

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