GBP/INR may fall 275 - 371 pips

Our pivot point stands at 106.497.

Our preference

The downside prevails as long as 106.497 is resistance.

Alternative scenario

The upside breakout of 106.497, would call for 106.659 and 106.756.

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 106.480 and 106.572).

Supports and resistances

106.756 **

106.659 *

106.497 **

106.433

106.337 last

106.062

105.966 **

105.870 *

105.773 **

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