GBP/INR may rise 232 - 338 pips

106.677 is our pivot point.

Our preference

Rebound towards 107.217.

Alternative scenario

The downside breakout of 106.677 would call for 106.499 and 106.394.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 106.886 and 106.936).

Supports and resistances

107.429 **

107.323 *

107.217 **

107.111

106.879 last

106.747

106.677 **

106.499 *

106.394 **

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