GBP/ZAR may rise 1449 - 2139 pips

22.68 is our pivot point.

Our preference

Rebound towards 23.06.

Alternative scenario

The downside breakout of 22.68 would call for 22.56 and 22.49.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 22.86 and 22.94).

Supports and resistances

23.20 **

23.13 *

23.06 **

22.99

22.85 last

22.72

22.68 **

22.56 *

22.49 **

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