GBP/INR may fall 288 - 391 pips

105.817 is our pivot point.

Our preference

The downside prevails as long as 105.817 is resistance.

Alternative scenario

The upside breakout of 105.817, would call for 105.991 and 106.094.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 105.793 and 105.899). Finally, the GBP/INR is trading below its lower Bollinger band (standing at 105.645).

Supports and resistances

106.094 **

105.991 *

105.817 **

105.748

105.625 last

105.337

105.234 **

105.130 *

105.027 **

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