GBP/INR may fall to 103.838 - 104.827

Our pivot point is at 108.735.

Our preference

Target 103.838.

Alternative scenario

The upside breakout of 108.735, would call for 110.407 and 111.402.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (107.755) but above its 50 period moving average (106.793).

Supports and resistances

111.402 **

110.407 *

108.735 **

108.079

106.945 last

104.827

103.838 **

102.849 *

101.859 **

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