GBP/ILS may fall 195 - 293 pips

Our pivot point stands at 4.7638.

Our preference

The downside prevails as long as 4.7638 is resistance.

Alternative scenario

Above 4.7638, look for 4.7803 and 4.7901.

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 is trading under both its 20 and 50 period moving average (respectively at 4.7699 and 4.7677). Finally, the GBP/ILS has penetrated its lower Bollinger band (4.7451).

Supports and resistances

4.7901 **

4.7803 *

4.7638 **

4.7573

4.7266 last

4.7071

4.6973 **

4.6875 *

4.6777 **

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