GBP/INR may fall 391 - 564 pips

Our pivot point stands at 109.517.

Our preference

The downside prevails as long as 109.517 is resistance.

Alternative scenario

The upside breakout of 109.517, would call for 109.807 and 109.980.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 109.654 and 109.769).

Supports and resistances

109.980 **

109.807 *

109.517 **

109.403

109.229 last

108.838

108.665 **

108.493 *

108.320 **

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