GBP/INR may fall 288 - 391 pips

Our pivot point is at 105.998.

Our preference

The downside prevails as long as 105.998 is resistance.

Alternative scenario

The upside breakout of 105.998, would call for 106.173 and 106.276.

Comment

The RSI is below its neutrality area at 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 105.955 and 105.934).

Supports and resistances

106.276 **

106.173 *

105.998 **

105.930

105.839 last

105.551

105.448 **

105.344 *

105.240 **

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