GBP/ZAR may fall 1243 - 1716 pips

Our pivot point stands at 23.13.

Our preference

Under pressure below 23.13.

Alternative scenario

Above 23.13, look for 23.21 and 23.26.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 23.06 and 23.05). Finally, the GBP/ZAR has penetrated its lower Bollinger band (23.04).

Supports and resistances

23.26 **

23.21 *

23.13 **

23.10

23.04 last

22.92

22.87 **

22.82 *

22.78 **

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