GBP/PLN may fall 298 - 437 pips

Our pivot point is at 5.1223.

Our preference

The downside prevails as long as 5.1223 is resistance.

Alternative scenario

The upside breakout of 5.1223, would call for 5.1458 and 5.1597.

Comment

The RSI is below 50. 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 5.1098 and 5.1133).

Supports and resistances

5.1597 **

5.1458 *

5.1223 **

5.1131

5.1037 last

5.0739

5.0600 **

5.0460 *

5.0321 **

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