GBP/PLN may fall 279 - 418 pips

Our pivot point is at 5.1214.

Our preference

As long as 5.1214 is resistance look for 5.0601.

Alternative scenario

Above 5.1214, look for 5.1448 and 5.1587.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price stands above its 20 period moving average (5.1017) but below its 50 period moving average (5.1055).

Supports and resistances

5.1587 **

5.1448 *

5.1214 **

5.1122

5.1019 last

5.0740

5.0601 **

5.0462 *

5.0322 **

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