GBP/ZAR may rise to 24.6668 - 25.1652

Our pivot point is at 22.83.

Our preference

As long as 22.83 is support look for 25.17.

Alternative scenario

The downside breakout of 22.83 would call for 22.00 and 21.51.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 23.50 and 23.43).

Supports and resistances

26.16 **

25.66 *

25.17 **

24.67

23.58 last

23.16

22.83 **

22.00 *

21.51 **

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