GBP/ZAR may rise to 24.2969 - 24.6786

Our pivot point stands at 22.80.

Our preference

Our next up target stands at 24.68.

Alternative scenario

The downside breakout of 22.80 would call for 22.17 and 21.79.

Comment

The RSI is above 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 is above its 20 and 50 period moving average (respectively at 23.32 and 23.32).

Supports and resistances

25.44 **

25.06 *

24.68 **

24.30

23.52 last

23.05

22.80 **

22.17 *

21.79 **

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