GBP/ILS may fall 235 - 349 pips

Our pivot point stands at 4.6875.

Our preference

The downside prevails as long as 4.6875 is resistance.

Alternative scenario

The upside breakout of 4.6875, would call for 4.7066 and 4.7180.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.6704 and 4.6675).

Supports and resistances

4.7180 **

4.7066 *

4.6875 **

4.6799

4.6641 last

4.6406

4.6292 **

4.6179 *

4.6065 **

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