GBP/INR may fall 343 - 482 pips

105.890 is our pivot point.

Our preference

The downside prevails as long as 105.890 is resistance.

Alternative scenario

The upside breakout of 105.890, would call for 106.125 and 106.265.

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 below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 105.935 and 106.072).

Supports and resistances

106.265 **

106.125 *

105.890 **

105.798

105.608 last

105.265

105.126 **

104.986 *

104.846 **

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