GBP/ZAR may rise 1250 - 1828 pips

Our pivot point stands at 23.86.

Our preference

The upside prevails as long as 23.86 is support.

Alternative scenario

Below 23.86, expect 23.76 and 23.71.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 23.88 and 23.79).

Supports and resistances

24.26 **

24.20 *

24.15 **

24.09

23.96 last

23.90

23.86 **

23.76 *

23.71 **

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