GBP/PLN may rise 278 - 416 pips

5.0449 is our pivot point.

Our preference

As long as 5.0449 is support look for 5.1047.

Alternative scenario

The downside breakout of 5.0449 would call for 5.0217 and 5.0078.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is below its 20 period moving average (5.0641) but above its 50 period moving average (5.0594).

Supports and resistances

5.1323 **

5.1185 *

5.1047 **

5.0909

5.0631 last

5.0540

5.0449 **

5.0217 *

5.0078 **

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