GBP/ZAR may rise 1064 - 1584 pips

Our pivot point stands at 23.29.

Our preference

The upside prevails as long as 23.29 is support.

Alternative scenario

The downside breakout of 23.29 would call for 23.21 and 23.16.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 23.32 and 23.35). Finally, the GBP/ZAR has crossed above its upper Bollinger band (23.36).

Supports and resistances

23.63 **

23.58 *

23.52 **

23.47

23.37 last

23.33

23.29 **

23.21 *

23.16 **

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