GBP/ZAR may rise to 24.2752 - 24.6679

Our pivot point is at 22.85.

Our preference

Rebound.

Alternative scenario

Below 22.85, expect 22.20 and 21.81.

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 trigger further gains. Moreover, the price stands above its 20 period moving average (23.30) but below its 50 period moving average (23.61).

Supports and resistances

25.45 **

25.06 *

24.67 **

24.28

23.46 last

23.11

22.85 **

22.20 *

21.81 **

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