GBP/ZAR may rise 1441 - 2085 pips

Our pivot point is at 23.78.

Our preference

The upside prevails as long as 23.78 is support.

Alternative scenario

Below 23.78, expect 23.67 and 23.61.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 23.77 and 23.73). Finally, the GBP/ZAR has crossed above its upper Bollinger band (23.90).

Supports and resistances

24.26 **

24.19 *

24.13 **

24.07

23.92 last

23.82

23.78 **

23.67 *

23.61 **

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