GBP/ILS may rise 166 - 240 pips

Our pivot point is at 4.7001.

Our preference

The upside prevails as long as 4.7001 is support.

Alternative scenario

The downside breakout of 4.7001 would call for 4.6876 and 4.6802.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.6948 and 4.6932).

Supports and resistances

4.7488 **

4.7413 *

4.7339 **

4.7265

4.7099 last

4.7050

4.7001 **

4.6876 *

4.6802 **

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