GBP/INR may rise 360 - 540 pips

Our pivot point stands at 108.768.

Our preference

The upside prevails as long as 108.768 is support.

Alternative scenario

Below 108.768, expect 108.466 and 108.286.

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 above its 20 and 50 period moving average (respectively at 108.700 and 108.741). Finally, the GBP/INR has crossed above its upper Bollinger band (109.002).

Supports and resistances

109.905 **

109.726 *

109.546 **

109.366

109.006 last

108.887

108.768 **

108.466 *

108.286 **

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