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Breaking News: GBP/ZAR goes to a new 10 year high above 19.50

GBP/ZAR BREAKS ABOVE 19.50

The Rand has weakened to a new 10 year high above 19.50 on expectations of a US interest rate rise later on in the year.
 
The Federal Statement tonight and the expectation of US interest rate increases, coupled with the unfolding Greek and Eurozone crisis, has put the ZAR on the back foot driving the currency through key technical resistance levels and new highs.
 
The technical and fundamental picture for the ZAR, and specifically GBPZAR, points to more weakness in the ZAR to come as GBPZAR has broken out of and above a tight range that has been in place since the end of January 2015.
 
Inflation risks have similarly increased in South Africa within a very slow economic growth environment in SA further adding to the ZAR’s woes.
 
Next key resistance and psychological level sits at 20.00.



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