GBP/ZAR may rise 1049 - 1547 pips

Our pivot point stands at 22.83.

Our preference

Our next up target stands at 23.08.

Alternative scenario

Below 22.83, expect 22.75 and 22.70.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 22.90 and 22.91).

Supports and resistances

23.18 **

23.13 *

23.08 **

23.03

22.93 last

22.87

22.83 **

22.75 *

22.70 **

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