GBP/ILS may fall 176 - 258 pips

Our pivot point stands at 4.7312.

Our preference

Under pressure below 4.7312.

Alternative scenario

Above 4.7312, look for 4.7450 and 4.7532.

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 trading under both its 20 and 50 period moving average (respectively at 4.7266 and 4.7236).

Supports and resistances

4.7532 **

4.7450 *

4.7312 **

4.7258

4.7189 last

4.7013

4.6931 **

4.6849 *

4.6767 **

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