GBP/INR may fall 278 - 393 pips

Our pivot point is at 106.923.

Our preference

Target 106.299.

Alternative scenario

The upside breakout of 106.923, would call for 107.116 and 107.231.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (106.717) but above its 50 period moving average (106.605).

Supports and resistances

107.231 **

107.116 *

106.923 **

106.847

106.692 last

106.414

106.299 **

106.185 *

106.070 **

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