GBP/ZAR may fall 1351 - 1894 pips

Our pivot point stands at 23.63.

Our preference

Under pressure below 23.63.

Alternative scenario

Above 23.63, look for 23.72 and 23.77.

Comment

The RSI is below 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 trading under both its 20 and 50 period moving average (respectively at 23.57 and 23.57).

Supports and resistances

23.77 **

23.72 *

23.63 **

23.59

23.55 last

23.41

23.36 **

23.30 *

23.25 **

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