GBP/ZAR may fall 1299 - 1797 pips

Our pivot point is at 23.02.

Our preference

Under pressure below 23.02.

Alternative scenario

The upside breakout of 23.02, would call for 23.11 and 23.16.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 22.95 and 22.94).

Supports and resistances

23.16 **

23.11 *

23.02 **

22.99

22.94 last

22.81

22.76 **

22.71 *

22.66 **

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