GBP/ZAR may fall to 21.4541 - 21.9332

Our pivot point is at 23.69.

Our preference

The downside prevails as long as 23.69 is resistance.

Alternative scenario

The upside breakout of 23.69, would call for 24.50 and 24.99.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 23.45 and 23.38).

Supports and resistances

24.99 **

24.50 *

23.69 **

23.38

23.06 last

21.93

21.45 **

20.98 *

20.50 **

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