GBP/INR may rise 353 - 522 pips

Our pivot point stands at 109.620.

Our preference

The upside prevails as long as 109.620 is support.

Alternative scenario

Below 109.620, expect 109.338 and 109.170.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 109.817 and 109.645).

Supports and resistances

110.787 **

110.619 *

110.451 **

110.282

109.929 last

109.731

109.620 **

109.338 *

109.170 **

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