GBP/INR may fall to 105.987 - 107.187

Our pivot point stands at 111.495.

Our preference

The downside prevails as long as 111.495 is resistance.

Alternative scenario

Above 111.495, look for 113.517 and 114.721.

Comment

The RSI is below its neutrality area at 50. 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 110.740 and 109.934).

Supports and resistances

114.721 **

113.517 *

111.495 **

110.701

109.829 last

107.187

105.987 **

104.787 *

103.587 **

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