GBP/ILS may fall 164 - 245 pips

4.7198 is our pivot point.

Our preference

The downside prevails as long as 4.7198 is resistance.

Alternative scenario

The upside breakout of 4.7198, would call for 4.7335 and 4.7417.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4.7198 and 4.7217).

Supports and resistances

4.7417 **

4.7335 *

4.7198 **

4.7144

4.7086 last

4.6922

4.6841 **

4.6759 *

4.6677 **

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