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Coming up in the Asia-Pac session on Friday:


Coming up in the Asia-Pac session on Friday:


Toeing The Line on Accelerated Taper


Trend Direction Remains Down

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  • GBP/ZAR has held a choppy 6% range in November, underpinned by the prevailing bull channel pattern and dynamic support from the 50, 100 & 200dmas which remain above the 20.00 handle.
  • ZAR has been under pressure as a late hiker, with a strong USD backdrop driving risk aversion across the EM space – hitting high-beta currencies the hardest. ZAR has also suffered form diminished terms of trade, reducing its attractiveness despite having the highest real yields in the EM space.
  • Price action is currently holding above the 21.00 handle and remains within its broad uptrend, but may revert closer to the midpoint of the channel (20.75-20.50), should traders continue taking profit around the channel top and risk sentiment recovers somewhat.
  • Next key levels to the topside are 21.5148, 21.6690 & 21.95