GBP/INR may fall to 105.936 - 107.162

Our pivot point is at 111.631.

Our preference

Target 105.936.

Alternative scenario

Above 111.631, look for 113.698 and 114.928.

Comment

The RSI is below 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 (110.828) but above its 50 period moving average (109.666).

Supports and resistances

114.928 **

113.698 *

111.631 **

110.818

109.987 last

107.162

105.936 **

104.710 *

103.484 **

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