GBP/INR may fall to 103.355 - 103.997

Our pivot point stands at 106.411.

Our preference

The downside prevails as long as 106.411 is resistance.

Alternative scenario

The upside breakout of 106.411, would call for 107.493 and 108.137.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 105.989 and 105.516).

Supports and resistances

108.137 **

107.493 *

106.411 **

105.986

105.435 last

103.997

103.355 **

102.713 *

102.071 **

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