GBP/ILS may rise 200 - 278 pips

4.7215 is our pivot point.

Our preference

The upside prevails as long as 4.7215 is support.

Alternative scenario

The downside breakout of 4.7215 would call for 4.7083 and 4.7005.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 4.7264 and 4.7312).

Supports and resistances

4.7756 **

4.7678 *

4.7599 **

4.7521

4.7321 last

4.7266

4.7215 **

4.7083 *

4.7005 **

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