GBP/PLN may rise 290 - 428 pips

5.0359 is our pivot point.

Our preference

The upside prevails as long as 5.0359 is support.

Alternative scenario

The downside breakout of 5.0359 would call for 5.0127 and 4.9989.

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 above its 20 and 50 period moving average (respectively at 5.0462 and 5.0397).

Supports and resistances

5.1247 **

5.1109 *

5.0971 **

5.0833

5.0543 last

5.0450

5.0359 **

5.0127 *

4.9989 **

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