GBP/ZAR may fall 2018 - 2863 pips

Our pivot point stands at 23.38.

Our preference

Target 22.97.

Alternative scenario

The upside breakout of 23.38, would call for 23.52 and 23.61.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (23.28) but above its 50 period moving average (23.24).

Supports and resistances

23.61 **

23.52 *

23.38 **

23.33

23.25 last

23.05

22.97 **

22.88 *

22.80 **

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