GBP/PLN may fall 286 - 424 pips

Our pivot point stands at 5.0854.

Our preference

The downside prevails as long as 5.0854 is resistance.

Alternative scenario

Above 5.0854, look for 5.1086 and 5.1224.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 5.0733 and 5.0723). Finally, the GBP/PLN is trading below its lower Bollinger band (standing at 5.0659).

Supports and resistances

5.1224 **

5.1086 *

5.0854 **

5.0762

5.0657 last

5.0371

5.0233 **

5.0095 *

4.9956 **

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