GBP/INR may rise to 108.501 - 109.298

Our pivot point stands at 105.317.

Our preference

The upside prevails as long as 105.317 is support.

Alternative scenario

Below 105.317, expect 103.985 and 103.193.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 105.629 and 104.933).

Supports and resistances

110.891 **

110.094 *

109.298 **

108.501

106.796 last

105.840

105.317 **

103.985 *

103.193 **

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