GBP/ZAR may fall 1419 - 1911 pips

Our pivot point is at 22.93.

Our preference

The downside prevails as long as 22.93 is resistance.

Alternative scenario

The upside breakout of 22.93, would call for 23.01 and 23.06.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 22.86 and 22.88).

Supports and resistances

23.06 **

23.01 *

22.93 **

22.89

22.84 last

22.69

22.64 **

22.60 *

22.55 **

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