GBP/INR may rise 393 - 568 pips

Our pivot point is at 110.538.

Our preference

The upside prevails as long as 110.538 is support.

Alternative scenario

Below 110.538, expect 110.245 and 110.070.

Comment

The RSI is above 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 110.774 and 110.782).

Supports and resistances

111.756 **

111.582 *

111.407 **

111.232

110.839 last

110.653

110.538 **

110.245 *

110.070 **

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