GBP/ILS may fall 333 - 464 pips

Our pivot point is at 4.7639.

Our preference

As long as 4.7639 is resistance look for 4.6995.

Alternative scenario

The upside breakout of 4.7639, would call for 4.7859 and 4.7991.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price stands above its 20 period moving average (4.7442) but below its 50 period moving average (4.7481).

Supports and resistances

4.7991 **

4.7859 *

4.7639 **

4.7552

4.7459 last

4.7126

4.6995 **

4.6864 *

4.6733 **

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