GBP/ZAR may fall 1656 - 2298 pips

23.95 is our pivot point.

Our preference

Target 23.63.

Alternative scenario

Above 23.95, look for 24.06 and 24.13.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (23.88) but above its 50 period moving average (23.86).

Supports and resistances

24.13 **

24.06 *

23.95 **

23.91

23.86 last

23.70

23.63 **

23.57 *

23.51 **

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