GBP/INR may rise 434 - 610 pips

Our pivot point is at 110.698.

Our preference

The upside prevails as long as 110.698 is support.

Alternative scenario

Below 110.698, expect 110.404 and 110.230.

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 trading above both its 20 and 50 period moving average (respectively at 110.730 and 110.643). Finally, the GBP/INR has crossed above its upper Bollinger band (111.025).

Supports and resistances

112.063 **

111.888 *

111.713 **

111.537

111.103 last

110.813

110.698 **

110.404 *

110.230 **

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