GBP/ZAR may fall 1433 - 1985 pips

23.37 is our pivot point.

Our preference

As long as 23.37 is resistance look for 23.07.

Alternative scenario

Above 23.37, look for 23.46 and 23.52.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI would call for further upside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 23.28 and 23.28).

Supports and resistances

23.52 **

23.46 *

23.37 **

23.33

23.27 last

23.13

23.07 **

23.02 *

22.96 **

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