Forex

GBP/ZAR may rise 1429 - 2062 pips

2024-06-13

23.42 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 23.42 would call for 23.31 and 23.25.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above its 20 period moving average (23.52) but under its 50 period moving average (23.59).

Supports and resistances

23.88 **

23.82 *

23.75 **

23.69

23.55 last

23.46

23.42 **

23.31 *

23.25 **

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

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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