GBP/ZAR may rise 1784 - 2621 pips

Our pivot point is at 23.32.

Our preference

Rebound towards 23.73.

Alternative scenario

The downside breakout of 23.32 would call for 23.18 and 23.10.

Comment

The RSI is below 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands above its 20 period moving average (23.47) but below its 50 period moving average (23.48).

Supports and resistances

23.90 **

23.82 *

23.73 **

23.65

23.47 last

23.38

23.32 **

23.18 *

23.10 **

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