GBP/PLN may fall 283 - 420 pips

Our pivot point is at 5.0361.

Our preference

Target 4.9736.

Alternative scenario

Above 5.0361, look for 5.0591 and 5.0728.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (5.0176) but above its 50 period moving average (5.0119).

Supports and resistances

5.0728 **

5.0591 *

5.0361 **

5.0271

5.0156 last

4.9873

4.9736 **

4.9599 *

4.9462 **

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