GBP/ILS may fall 242 - 339 pips

Our pivot point stands at 4.7476.

Our preference

The downside prevails as long as 4.7476 is resistance.

Alternative scenario

The upside breakout of 4.7476, would call for 4.7641 and 4.7739.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 4.7393 and 4.7402).

Supports and resistances

4.7739 **

4.7641 *

4.7476 **

4.7412

4.7322 last

4.7080

4.6983 **

4.6885 *

4.6787 **

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