GBP/INR may fall 352 - 476 pips

Our pivot point stands at 107.456.

Our preference

The downside prevails as long as 107.456 is resistance.

Alternative scenario

Above 107.456, look for 107.664 and 107.788.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 107.687 and 107.683).

Supports and resistances

107.788 **

107.664 *

107.456 **

107.375

107.293 last

106.941

106.817 **

106.694 *

106.570 **

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