GBP/ZAR may rise 1115 - 1665 pips

Our pivot point is at 23.07.

Our preference

Rebound.

Alternative scenario

Below 23.07, expect 22.98 and 22.92.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (23.15) but below its 50 period moving average (23.17).

Supports and resistances

23.43 **

23.37 *

23.32 **

23.26

23.15 last

23.11

23.07 **

22.98 *

22.92 **

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