GBP/ZAR may rise 1030 - 1540 pips

22.84 is our pivot point.

Our preference

As long as 22.84 is support look for 23.12.

Alternative scenario

The downside breakout of 22.84 would call for 22.75 and 22.70.

Comment

The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 22.96 and 22.94).

Supports and resistances

23.22 **

23.17 *

23.12 **

23.07

22.97 last

22.87

22.84 **

22.75 *

22.70 **

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