GBP/ZAR may rise 1436 - 2147 pips

Our pivot point stands at 23.26.

Our preference

Look for a drop towards 23.26 before a bounce.

Alternative scenario

The downside breakout of 23.26 would call for 23.14 and 23.07.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 23.39 and 23.38).

Supports and resistances

23.75 **

23.68 *

23.61 **

23.54

23.39 last

23.31

23.26 **

23.14 *

23.07 **

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