GBP/INR may fall 375 - 548 pips

Our pivot point stands at 109.667.

Our preference

The downside prevails as long as 109.667 is resistance.

Alternative scenario

Above 109.667, look for 109.958 and 110.131.

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 stands below its 20 and 50 period moving average (respectively at 109.608 and 109.594). Finally, the GBP/INR is trading below its lower Bollinger band (standing at 109.432).

Supports and resistances

110.131 **

109.958 *

109.667 **

109.553

109.404 last

109.029

108.856 **

108.683 *

108.510 **

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