GBP/INR may rise 206 - 303 pips

Our pivot point is at 106.647.

Our preference

Our next up target stands at 107.127.

Alternative scenario

Below 106.647, expect 106.484 and 106.387.

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 is trading above both its 20 and 50 period moving average (respectively at 106.765 and 106.814).

Supports and resistances

107.321 **

107.224 *

107.127 **

107.030

106.824 last

106.711

106.647 **

106.484 *

106.387 **

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