GBP/INR may rise 267 - 392 pips

Our pivot point stands at 107.837.

Our preference

Look for a drop towards 107.837 before a bounce.

Alternative scenario

The downside breakout of 107.837 would call for 107.627 and 107.503.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI would call for further downside. Moreover, the pair is trading under its 20 period moving average (108.108) but above its 50 period moving average (108.087).

Supports and resistances

108.735 **

108.611 *

108.486 **

108.361

108.094 last

107.919

107.837 **

107.627 *

107.503 **

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