GBP/ZAR may fall 1644 - 2291 pips

Our pivot point is at 24.23.

Our preference

The downside prevails as long as 24.23 is resistance.

Alternative scenario

The upside breakout of 24.23, would call for 24.34 and 24.40.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 24.19 and 24.19). Finally, the GBP/ZAR has penetrated its lower Bollinger band (24.10).

Supports and resistances

24.40 **

24.34 *

24.23 **

24.18

24.08 last

23.91

23.85 **

23.79 *

23.72 **

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