GBP/INR may fall 363 - 540 pips

Our pivot point stands at 109.850.

Our preference

Technical rebound towards 109.850 before a new drop.

Alternative scenario

The upside breakout of 109.850, would call for 110.147 and 110.324.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above its 20 period moving average (109.546) but under its 50 period moving average (109.642).

Supports and resistances

110.324 **

110.147 *

109.850 **

109.733

109.587 last

109.224

109.047 **

108.870 *

108.693 **

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