GBP/INR may fall to 103.526 - 104.244

Our pivot point stands at 107.084.

Our preference

Target 103.526.

Alternative scenario

The upside breakout of 107.084, would call for 108.295 and 109.016.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (106.198) but above its 50 period moving average (105.160).

Supports and resistances

109.016 **

108.295 *

107.084 **

106.608

105.734 last

104.244

103.526 **

102.808 *

102.090 **

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