GBP/INR may fall 334 - 458 pips

Our pivot point stands at 108.023.

Our preference

The downside prevails as long as 108.023 is resistance.

Alternative scenario

The upside breakout of 108.023, would call for 108.232 and 108.357.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 107.914 and 107.984).

Supports and resistances

108.357 **

108.232 *

108.023 **

107.941

107.853 last

107.519

107.395 **

107.270 *

107.146 **

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