GBP/ILS may fall 240 - 346 pips

4.7787 is our pivot point.

Our preference

The downside prevails as long as 4.7787 is resistance.

Alternative scenario

Above 4.7787, look for 4.7966 and 4.8072.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.7928 and 4.8031). Finally, the GBP/ILS has penetrated its lower Bollinger band (4.7590).

Supports and resistances

4.8072 **

4.7966 *

4.7787 **

4.7717

4.7583 last

4.7343

4.7237 **

4.7131 *

4.7025 **

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