GBP/INR may rise 212 - 316 pips

105.996 is our pivot point.

Our preference

The upside prevails as long as 105.996 is support.

Alternative scenario

Below 105.996, expect 105.821 and 105.717.

Comment

The RSI is above 50. 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 106.095 and 106.105).

Supports and resistances

106.659 **

106.555 *

106.451 **

106.347

106.135 last

106.065

105.996 **

105.821 *

105.717 **

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