GBP/INR may rise 347 - 515 pips

109.755 is our pivot point.

Our preference

The upside prevails as long as 109.755 is support.

Alternative scenario

The downside breakout of 109.755 would call for 109.472 and 109.303.

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 109.929 and 109.922).

Supports and resistances

110.881 **

110.713 *

110.544 **

110.376

110.029 last

109.866

109.755 **

109.472 *

109.303 **

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