The UK economy has accelerated at the end of the second-quarter with the service sector clocking in at its fastest growth rate of 2019. Against a backdrop of a South African economy which is facing a deepening economic crisis, the GBPZAR is expected to resume its rally. Price action retreated from the lower band of its horizontal resistance area, enforced by its primary descending resistance level, and has now reached its next horizontal support level supported by its primary ascending support level. A move into its horizontal resistance area is now anticipated and buying any dips from current levels remains the favored trading approach.
The CCI already moved out of extreme oversold conditions and the rise in bullish momentum is likely to carry this technical indicator above the 0 mark from where more buy orders are favored to enter the market. Open your PaxForex Trading Account today and join one of the fastest growing communities of profitable forex traders!
The CCI already moved out of extreme oversold conditions and the rise in bullish momentum is likely to carry this technical indicator above the 0 mark from where more buy orders are favored to enter the market. Open your PaxForex Trading Account today and join one of the fastest growing communities of profitable forex traders!