GBP/INR may fall 405 - 560 pips

Our pivot point stands at 107.989.

Our preference

Target 107.181.

Alternative scenario

Above 107.989, look for 108.250 and 108.405.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (107.849) but above its 50 period moving average (107.692).

Supports and resistances

108.405 **

108.250 *

107.989 **

107.887

107.741 last

107.336

107.181 **

107.026 *

106.870 **

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