GBP/INR may rise to 112.628 - 113.912

107.938 is our pivot point.

Our preference

As long as 107.938 is support look for 113.912.

Alternative scenario

The downside breakout of 107.938 would call for 105.790 and 104.511.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 109.813 and 108.393).

Supports and resistances

116.479 **

115.196 *

113.912 **

112.628

109.909 last

108.782

107.938 **

105.790 *

104.511 **

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