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The foreign exchange market contains many financial instruments and various currency symbols, including the symbols of major currencies, as well as exotic currencies, metals, and oil. The most traded tokens in the world make up the largest share of the forex market including EURUSD, USDJPY, GBPUSD, AUDUSD and others.

There are also minor symbols, or as they are called cross pairs, such as: EURGBP, EURAUD, GBPJPY, CHFJPY, NZDJPY and GBPCAD.

All of these currencies and their mentioned symbols are available for trading on Exness platforms, but did you know that exotic currencies are also available for trading? This article will tell you more about some rare currency symbols on the Exness platform, the spread value of these currencies, and how to add and trade them.

Technical analysis of the currency symbol GBPZAR

A continuous uptrend is clearly visible on the 4-hour chart for the British pound versus the South African rand (GBPZAR). This unique symbol has made solid profits since the end of last month and has risen from the iconic stochastic cross. Last Friday’s price was around R 18.90, the highest level in two months. This appears to be the main resistance level this week.

Lower support around the bottom comes around the 17.18 region in late July. Although a rapid downward move into the area does not seem likely in the next few periods, we expect a rebound from there when the move changes from up to down.

Technical indicators for Currency Symbol GBPZAR H4 Timeframe

We have a common set of (moving averages) with 50, 100 and 200 simple period settings and they all give pretty clear buy signals. The price is mainly about the aforementioned moving averages and the bullish trend can be clearly observed in the first week of August. SMA 50 has crossed with SMA 20 which could indicate weaker momentum today or even the possibility of a larger correction this week. 18.60 is likely to be a short-term support area, however. The SMA100 could also provide important support near the 18.40 level.

The Bollinger Bands (20, 0, 2) indicator has continued to expand slightly since the end of last week, which could indicate that volatility will be higher in the next few days. The Bollinger Bands are not showing any signs of saturation at the moment, but the top line of the indicator should act as a resistance area. The clear data from the stochastic oscillator is the most important as the bearish cross within the overbought zone is a classic sign of a pullback that supports the lower momentum picture of the 50 and 20 SMAs.

The MACD indicator appears to be showing weaker bullish momentum. Although the chart for the currency symbol appears to have been basically stable this week so far. This means that it is unlikely to move higher into the overbought area.

Price and Fibonacci Behavior

The slow acceleration of the classic pattern since the end of last week continues with a significant loss of momentum. On Friday, the Three Soldiers pattern appeared to the top, although we could see slightly elongated tails. So dealers should be careful before buying.

The Fibonacci lines have been coming from above since the end of July. Perhaps the most important is the 23.6% retracement as it happened in an area of ​​declining momentum over the past week. None of the other fonts seem more important than usual these days.

important data points

The UK has a slew of economic data and news on mortgage and other credit coming out of the UK this week. More importantly, the GfK consumer confidence index for August was released on Thursday evening at 11 p.m. GMT. This will not materially change the technical outlook. However, the unexpected politics in both the UK and South Africa, as well as the G7 meeting, can provide some basic guidance.

Technical analysis summary of currency symbol GBPZAR

The aggregated signals from the technical indicators for GBPZAR for the H4 timeframe suggest less momentum and possibly a more pronounced rebound from last week’s high. Further gains in the near future are unfavorable, however traders should be aware of the extreme volatility of this symbol. The Brexit news in particular is a major driver behind all currency symbols associated with the British pound.

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