Forex

GBP/INR may fall 339 - 479 pips

2024-05-31

Our pivot point stands at 106.109.

Our preference

The downside prevails as long as 106.109 is resistance.

Alternative scenario

The upside breakout of 106.109, would call for 106.344 and 106.484.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 105.968 and 105.962).

Supports and resistances

106.484 **

106.344 *

106.109 **

106.016

105.903 last

105.564

105.424 **

105.284 *

105.144 **

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

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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