GBP/INR may fall 367 - 510 pips

Our pivot point is at 107.053.

Our preference

The downside prevails as long as 107.053 is resistance.

Alternative scenario

Above 107.053, look for 107.293 and 107.436.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (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 107.145 and 107.188). Finally, the GBP/INR is trading below its lower Bollinger band (standing at 106.792).

Supports and resistances

107.436 **

107.293 *

107.053 **

106.958

106.782 last

106.415

106.272 **

106.129 *

105.987 **

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