GBP/INR may fall 303 - 428 pips

Our pivot point stands at 107.279.

Our preference

The downside prevails as long as 107.279 is resistance.

Alternative scenario

Above 107.279, look for 107.489 and 107.614.

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 107.462 and 107.447). Finally, the GBP/INR has penetrated its lower Bollinger band (107.083).

Supports and resistances

107.614 **

107.489 *

107.279 **

107.196

107.023 last

106.720

106.595 **

106.470 *

106.345 **

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