GBP/INR may fall 268 - 392 pips

Our pivot point is at 107.890.

Our preference

Technical rebound towards 107.890 before a new drop.

Alternative scenario

The upside breakout of 107.890, would call for 108.098 and 108.223.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above its 20 period moving average (107.670) but under its 50 period moving average (107.718).

Supports and resistances

108.223 **

108.098 *

107.890 **

107.808

107.717 last

107.449

107.325 **

107.201 *

107.077 **

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