GBP/ZAR may rise 1838 - 2684 pips

Our pivot point is at 23.07.

Our preference

Rebound.

Alternative scenario

The downside breakout of 23.07 would call for 22.93 and 22.85.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (23.20) but under its 50 period moving average (23.21).

Supports and resistances

23.65 **

23.56 *

23.48 **

23.39

23.21 last

23.13

23.07 **

22.93 *

22.85 **

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