GBP/PLN may rise 278 - 414 pips

Our pivot point stands at 4.9927.

Our preference

The upside prevails as long as 4.9927 is support.

Alternative scenario

The downside breakout of 4.9927 would call for 4.9697 and 4.9560.

Comment

The RSI is above 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 5.0056 and 5.0072). Finally, the GBP/PLN has crossed above its upper Bollinger band (5.0125).

Supports and resistances

5.0817 **

5.0680 *

5.0543 **

5.0407

5.0129 last

5.0017

4.9927 **

4.9697 *

4.9560 **

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