GBP/INR may fall 370 - 545 pips

Our pivot point stands at 111.424.

Our preference

Target 110.561.

Alternative scenario

Above 111.424, look for 111.718 and 111.893.

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 price is below its 20 period moving average (111.159) but above its 50 period moving average (111.066).

Supports and resistances

111.893 **

111.718 *

111.424 **

111.308

111.106 last

110.736

110.561 **

110.386 *

110.211 **

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