South African Rand Forecast

The Pound to Rand exchange rate rose to five month highs during the opening half of the week but lost momentum upon contact with an emerging layer of technical resistance around 20.6248 on the charts, which could continue to obstruct Sterling’s path higher in the days ahead. 

The Pound to South African Rand exchange rate entered the new week close to three-month highs but would risk slipping back toward the 19.50 level or below in the days ahead if the Dollar remains soft or negotiations over a disruptive labour strike at energy monopoly Eskom are succesful at curtailing disruptions to the electricity supply.  

The Pound to Rand exchange rate has stabilised above the 19.0 handle with support from a turn higher by the U.S. Dollar but would likely struggle to advance beyond the nearby 19.90 level if USD/ZAR remains contained by its 2022 high around 16.32 in the days and weeks ahead.  

The Pound to Rand rate fell to its lowest for almost two months early in the new week but could be likely to stabilise above the nearby 19.27 level over the coming days after the South African currency was stalled by a series of key resistance levels against the Dollar on the charts.

The Pound to Rand exchange rate is trading within a narrowing consolidation range that could be likely to span the gap between 19.4733 and 19.8564 in the days ahead, although directional risks may be on the upside if the Dollar finds its feet following a fortnight-long decline. 

The Pound to Rand rate eased lower in the opening session of the new week and could be set to remain sidelined beneath its early May highs as the South African currency benefits from a supportive central bank policy outlook, a softening of the U.S. Dollar and a partial rebound by the Renminbi.

The Pound to Rand exchange rate has attempted to further its April rebound in recent trading but could struggle for upward momentum on any recovery above 20.00 and would be at risk of sliding back toward 19.45 in days ahead as and when the USD/ZAR pair eases further from its latest highs.

The South African Rand looks to be entering a short-term period of strength and further advances against the Pound, Euro and U.S. Dollar beckons, according to new studies.

The South African Rand’s rally against the US dollar, euro and British pound continues; what are the key levels to consider over coming days?