GBP/ZAR may fall 1278 - 1770 pips

Our pivot point stands at 22.98.

Our preference

The downside prevails as long as 22.98 is resistance.

Alternative scenario

The upside breakout of 22.98, would call for 23.06 and 23.11.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 22.97 and 22.96). Finally, the GBP/ZAR is trading below its lower Bollinger band (standing at 22.90).

Supports and resistances

23.11 **

23.06 *

22.98 **

22.95

22.87 last

22.74

22.70 **

22.65 *

22.60 **

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