GBP/ILS may rise 238 - 344 pips

Our pivot point stands at 4.8595.

Our preference

The upside prevails as long as 4.8595 is support.

Alternative scenario

Below 4.8595, expect 4.8419 and 4.8314.

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 positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 4.8512 and 4.8469). Finally, the GBP/ILS has crossed above its upper Bollinger band (4.8749).

Supports and resistances

4.9306 **

4.9201 *

4.9096 **

4.8990

4.8752 last

4.8665

4.8595 **

4.8419 *

4.8314 **

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