GBP/INR may rise to 107.400 - 108.111

104.836 is our pivot point.

Our preference

As long as 104.836 is support look for 108.111.

Alternative scenario

The downside breakout of 104.836 would call for 103.644 and 102.935.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (106.197) but above its 50 period moving average (105.330).

Supports and resistances

109.532 **

108.821 *

108.111 **

107.400

105.920 last

105.304

104.836 **

103.644 *

102.935 **

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