GBP/ILS may fall 283 - 406 pips

4.9168 is our pivot point.

Our preference

The downside prevails as long as 4.9168 is resistance.

Alternative scenario

Above 4.9168, look for 4.9376 and 4.9499.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.9208 and 4.9281). Finally, the GBP/ILS is trading below its lower Bollinger band (standing at 4.8978).

Supports and resistances

4.9499 **

4.9376 *

4.9168 **

4.9087

4.8941 last

4.8658

4.8535 **

4.8412 *

4.8288 **

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