GBP/ZAR may fall 1986 - 2778 pips

23.73 is our pivot point.

Our preference

As long as 23.73 is resistance look for 23.30.

Alternative scenario

Above 23.73, look for 23.87 and 23.95.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 23.59 and 23.62).

Supports and resistances

23.95 **

23.87 *

23.73 **

23.68

23.58 last

23.38

23.30 **

23.22 *

23.14 **

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