GBP/ZAR may fall 1206 - 1653 pips

23.20 is our pivot point.

Our preference

The downside prevails as long as 23.20 is resistance.

Alternative scenario

The upside breakout of 23.20, would call for 23.27 and 23.32.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 23.16 and 23.18).

Supports and resistances

23.32 **

23.27 *

23.20 **

23.17

23.13 last

23.01

22.96 **

22.92 *

22.87 **

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