GBP/ILS may rise 172 - 241 pips

4.7466 is our pivot point.

Our preference

As long as 4.7466 is support look for 4.7832.

Alternative scenario

The downside breakout of 4.7466 would call for 4.7351 and 4.7282.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 4.7539 and 4.7308).

Supports and resistances

4.7969 **

4.7900 *

4.7832 **

4.7763

4.7591 last

4.7511

4.7466 **

4.7351 *

4.7282 **

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