GBP/INR may rise 346 - 520 pips

Our pivot point stands at 109.531.

Our preference

The upside prevails as long as 109.531 is support.

Alternative scenario

Below 109.531, expect 109.239 and 109.066.

Comment

The RSI is above its neutrality area at 50. 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 109.725 and 109.710).

Supports and resistances

110.626 **

110.453 *

110.280 **

110.106

109.760 last

109.645

109.531 **

109.239 *

109.066 **

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