GBP/ZAR may rise 997 - 1489 pips

Our pivot point stands at 22.68.

Our preference

The upside prevails as long as 22.68 is support.

Alternative scenario

The downside breakout of 22.68 would call for 22.60 and 22.55.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 22.76 and 22.78).

Supports and resistances

23.03 **

22.98 *

22.93 **

22.88

22.78 last

22.71

22.68 **

22.60 *

22.55 **

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