GBP/INR may fall 268 - 370 pips

Our pivot point is at 105.582.

Our preference

As long as 105.582 is resistance look for 105.045.

Alternative scenario

The upside breakout of 105.582, would call for 105.753 and 105.855.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI would call for further upside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 105.420 and 105.465).

Supports and resistances

105.855 **

105.753 *

105.582 **

105.515

105.415 last

105.147

105.045 **

104.943 *

104.841 **

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