GBP/ZAR may fall 1561 - 2189 pips

Our pivot point is at 23.47.

Our preference

The downside prevails as long as 23.47 is resistance.

Alternative scenario

Above 23.47, look for 23.58 and 23.64.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 23.49 and 23.50). Finally, the GBP/ZAR is trading below its lower Bollinger band (standing at 23.39).

Supports and resistances

23.64 **

23.58 *

23.47 **

23.43

23.37 last

23.21

23.15 **

23.09 *

23.03 **

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