Pound versus South African Rand: Technical forecasts and predictions for GBP-ZAR

 Like the Australian dollar we note that the South African Rand is under pressure on the forex markets - today sees fresh gains for the British pound with GBP-ZAR moving higher by 0.85 pct to hit 15.1952.

(This is a spot GBP-ZAR reference - be advised that your bank will affix a discretionary spread. Also note that an independent currency provider will guarantee to beat your bank's offer, thus delivering you more currency. More here).

A look at the short-term currency charts shows predicting where the pound is headed next against the South African Rand is difficult.

We note 3 bullish events matched by 2 bearish events; and the two bears both formed recently on the 4th of June when the exchange rate closed at 14.9678.

According to Recognia Inc. support rests at 13.9734 and gains are likely to be capped at 15.2882.

Mid-term outlook for the Pound versus South African Rand

The intermediate picture for GBP-ZAR is thankfully clearer with the 6 week - 9 month charts showing an overwhelming preference for the British pound.

We note the formation of 4 bullish events and no bearish events.

Recognia Inc. point out that resistance for GBP lies at 15.2882; we would suggest that gains towards this level are certainly achievable when we take the medium-term momentum into consideration.