GBP/INR may fall 364 - 544 pips

Our pivot point is at 109.431.

Our preference

The downside prevails as long as 109.431 is resistance.

Alternative scenario

The upside breakout of 109.431, would call for 109.734 and 109.914.

Comment

The RSI is below 50. 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 109.228 and 109.225).

Supports and resistances

109.914 **

109.734 *

109.431 **

109.312

109.041 last

108.677

108.497 **

108.317 *

108.137 **

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