GBP/ZAR may rise 1404 - 2056 pips

Our pivot point is at 24.06.

Our preference

As long as 24.06 is support look for 24.40.

Alternative scenario

The downside breakout of 24.06 would call for 23.95 and 23.89.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 24.19 and 24.17).

Supports and resistances

24.53 **

24.47 *

24.40 **

24.34

24.20 last

24.10

24.06 **

23.95 *

23.89 **

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