GBP/INR may rise 357 - 530 pips

Our pivot point is at 108.849.

Our preference

Rebound.

Alternative scenario

Below 108.849, expect 108.559 and 108.387.

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 (109.107) but below its 50 period moving average (109.169).

Supports and resistances

110.027 **

109.854 *

109.682 **

109.509

109.152 last

108.963

108.849 **

108.559 *

108.387 **

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