GBP/INR may rise 389 - 569 pips

Our pivot point is at 108.811.

Our preference

The upside prevails as long as 108.811 is support.

Alternative scenario

The downside breakout of 108.811 would call for 108.509 and 108.329.

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 above its 20 and 50 period moving average (respectively at 108.994 and 108.984). Finally, the GBP/INR has crossed above its upper Bollinger band (109.101).

Supports and resistances

110.061 **

109.880 *

109.700 **

109.520

109.131 last

108.930

108.811 **

108.509 *

108.329 **

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