South African Rand retreats from lows vs. Sterling

Pablo Piovano FXStreet

After hitting fresh multi-week tops in the boundaries of the 17.0000 handle, GBP/ZAR has now deflated to the 16.6000 area.

Politics still weigh on ZAR

The Rand has extended its recent bearish note during the European morning, reaching the 17.0000 neighbourhood vs. the British Pound although gaining some ground soon afterwards.

ZAR has thus reverted the recent strong rally that dragged the cross to lows in levels last seen in September 2013 near 15.4000 on Monday, all against the backdrop of a bout of political effervescence after President J.Zuma fired FinMin P.Gordham and many other cabinet members on Thursday.

GBP/ZAR levels to consider

At the moment GBP/ZAR is up 0.54% at 16.6638 facing the next hurdle at today’s top at 16.9933 followed by 17.1946, 2017 high on January 30. On the flip side, the initial support is located at today’s low at 16.5764 seconded by 15.9634 (low March 29).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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