GBP/PLN may fall 290 - 431 pips

Our pivot point stands at 5.1532.

Our preference

As long as 5.1532 is resistance look for 5.0899.

Alternative scenario

Above 5.1532, look for 5.1768 and 5.1908.

Comment

The RSI is below 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI would call for further upside. Moreover, the price stands above its 20 period moving average (5.1329) but below its 50 period moving average (5.1351).

Supports and resistances

5.1908 **

5.1768 *

5.1532 **

5.1440

5.1330 last

5.1040

5.0899 **

5.0759 *

5.0619 **

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