GBP/ZAR may rise to 24.7835 - 25.2284

23.09 is our pivot point.

Our preference

The upside prevails as long as 23.09 is support.

Alternative scenario

The downside breakout of 23.09 would call for 22.35 and 21.91.

Comment

The RSI is above its neutrality area at 50. 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 23.53 and 23.48).

Supports and resistances

26.12 **

25.67 *

25.23 **

24.78

23.74 last

23.38

23.09 **

22.35 *

21.91 **

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