GBP/INR may rise 376 - 556 pips

108.774 is our pivot point.

Our preference

Look for a drop towards 108.774 before a bounce.

Alternative scenario

The downside breakout of 108.774 would call for 108.471 and 108.291.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 109.115 and 109.072).

Supports and resistances

110.040 **

109.860 *

109.680 **

109.500

109.124 last

108.892

108.774 **

108.471 *

108.291 **

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