GBP/ZAR may rise to 24.4841 - 25.0597

Our pivot point is at 22.40.

Our preference

Rebound.

Alternative scenario

The downside breakout of 22.40 would call for 21.44 and 20.87.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 23.31 and 23.33).

Supports and resistances

26.21 **

25.64 *

25.06 **

24.48

23.30 last

22.78

22.40 **

21.44 *

20.87 **

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