GBP/INR may fall 240 - 354 pips

106.774 is our pivot point.

Our preference

The downside prevails as long as 106.774 is resistance.

Alternative scenario

Above 106.774, look for 106.967 and 107.082.

Comment

The RSI is below 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 106.582 and 106.623).

Supports and resistances

107.082 **

106.967 *

106.774 **

106.699

106.494 last

106.254

106.140 **

106.025 *

105.911 **

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