GBP/INR may rise 251 - 377 pips

Our pivot point stands at 107.238.

Our preference

Look for a drop towards 107.238 before a bounce.

Alternative scenario

Below 107.238, expect 107.027 and 106.902.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is below its 20 period moving average (107.492) but above its 50 period moving average (107.455).

Supports and resistances

108.105 **

107.979 *

107.854 **

107.728

107.477 last

107.321

107.238 **

107.027 *

106.902 **

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