GBP/ILS may rise 284 - 400 pips

Our pivot point is at 4.7022.

Our preference

The upside prevails as long as 4.7022 is support.

Alternative scenario

The downside breakout of 4.7022 would call for 4.6828 and 4.6712.

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 trading above both its 20 and 50 period moving average (respectively at 4.7083 and 4.7096). Finally, the GBP/ILS has crossed above its upper Bollinger band (4.7200).

Supports and resistances

4.7854 **

4.7738 *

4.7622 **

4.7506

4.7222 last

4.7099

4.7022 **

4.6828 *

4.6712 **

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