7645504 7/13/2017 12:22 PM, GBP/INR intraday: the RSI is overbought


Our pivot point is at 82.854.


Our preference

: our next up target stands at 83.601.


Alternative scenario

: the downside breakout of 82.854 would call for 82.580 and 82.416.


Comment

: the RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the pair is above its 20 and 50 MAs (respectively at 82.934 and 83.077).


Supports and resistances

:

83.928 **

83.765 *

83.601 **

83.438

83.093 last

82.962

82.854 **

82.580 *

82.416 **