GBP/ZAR may fall 1263 - 1743 pips

Our pivot point stands at 22.88.

Our preference

The downside prevails as long as 22.88 is resistance.

Alternative scenario

Above 22.88, look for 22.97 and 23.01.

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 22.84 and 22.88).

Supports and resistances

23.01 **

22.97 *

22.88 **

22.85

22.81 last

22.68

22.63 **

22.59 *

22.54 **

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