GBP/PLN may rise 279 - 417 pips

Our pivot point stands at 5.0171.

Our preference

As long as 5.0171 is support look for 5.0806.

Alternative scenario

The downside breakout of 5.0171 would call for 4.9940 and 4.9802.

Comment

The RSI is above 50. The MACD is positive and below its signal line. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 5.0335 and 5.0243).

Supports and resistances

5.1081 **

5.0944 *

5.0806 **

5.0668

5.0389 last

5.0261

5.0171 **

4.9940 *

4.9802 **

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