GBP/PLN may rise 291 - 430 pips

5.0478 is our pivot point.

Our preference

The upside prevails as long as 5.0478 is support.

Alternative scenario

The downside breakout of 5.0478 would call for 5.0246 and 5.0108.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 5.0650 and 5.0613). Finally, the GBP/PLN has crossed above its upper Bollinger band (5.0710).

Supports and resistances

5.1465 **

5.1326 *

5.1188 **

5.1049

5.0758 last

5.0570

5.0478 **

5.0246 *

5.0108 **

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