GBP/INR may fall 285 - 410 pips

Our pivot point stands at 108.280.

Our preference

The downside prevails as long as 108.280 is resistance.

Alternative scenario

The upside breakout of 108.280, would call for 108.490 and 108.615.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 108.188 and 108.317).

Supports and resistances

108.615 **

108.490 *

108.280 **

108.197

108.113 last

107.828

107.703 **

107.577 *

107.452 **

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