GBP/ILS may rise 158 - 226 pips

4.7064 is our pivot point.

Our preference

The upside prevails as long as 4.7064 is support.

Alternative scenario

The downside breakout of 4.7064 would call for 4.6951 and 4.6883.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 4.7061 and 4.7021). Finally, the GBP/ILS is trading above its upper Bollinger band (standing at 4.7208).

Supports and resistances

4.7573 **

4.7505 *

4.7437 **

4.7369

4.7211 last

4.7109

4.7064 **

4.6951 *

4.6883 **

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