GBP/INR may rise 346 - 514 pips

Our pivot point stands at 108.977.

Our preference

The upside prevails as long as 108.977 is support.

Alternative scenario

The downside breakout of 108.977 would call for 108.696 and 108.529.

Comment

The RSI is above 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 109.182 and 109.071).

Supports and resistances

110.114 **

109.947 *

109.780 **

109.612

109.266 last

109.087

108.977 **

108.696 *

108.529 **

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