GBP/PLN may rise 281 - 422 pips

Our pivot point stands at 5.1277.

Our preference

The upside prevails as long as 5.1277 is support.

Alternative scenario

The downside breakout of 5.1277 would call for 5.1041 and 5.0901.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 5.1353 and 5.1315). Finally, the GBP/PLN is trading above its upper Bollinger band (standing at 5.1471).

Supports and resistances

5.2211 **

5.2070 *

5.1930 **

5.1789

5.1508 last

5.1370

5.1277 **

5.1041 *

5.0901 **

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