GBP/INR may fall 283 - 398 pips

Our pivot point stands at 106.837.

Our preference

Target 106.281.

Alternative scenario

The upside breakout of 106.837, would call for 107.030 and 107.145.

Comment

The RSI is below its neutrality area at 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 (106.694) but above its 50 period moving average (106.672).

Supports and resistances

107.145 **

107.030 *

106.837 **

106.762

106.679 last

106.396

106.281 **

106.166 *

106.052 **

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