GBP/INR may rise 280 - 420 pips

Our pivot point is at 105.607.

Our preference

Rebound.

Alternative scenario

The downside breakout of 105.607 would call for 105.372 and 105.232.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (105.829) but below its 50 period moving average (105.961). Finally, the GBP/INR is trading above its upper Bollinger band (standing at 105.927).

Supports and resistances

106.639 **

106.499 *

106.359 **

106.219

105.939 last

105.699

105.607 **

105.372 *

105.232 **

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