GBP/ZAR may rise 1083 - 1578 pips

Our pivot point is at 22.77.

Our preference

Rebound.

Alternative scenario

Below 22.77, expect 22.69 and 22.64.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (22.87) but under its 50 period moving average (22.91).

Supports and resistances

23.14 **

23.09 *

23.04 **

22.99

22.89 last

22.81

22.77 **

22.69 *

22.64 **

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