GBP/INR may rise 210 - 307 pips

Our pivot point is at 106.379.

Our preference

The upside prevails as long as 106.379 is support.

Alternative scenario

The downside breakout of 106.379 would call for 106.217 and 106.120.

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 106.445 and 106.407). Finally, the GBP/INR is trading above its upper Bollinger band (standing at 106.536).

Supports and resistances

107.087 **

106.990 *

106.893 **

106.796

106.586 last

106.443

106.379 **

106.217 *

106.120 **

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