At R16.75 the gbp-zar has broken down from a massive head and shoulders (the neckline was at about 17.00) which has formed over the last couple of years. If it plays out it could eventually end up at about R10.00, a place we haven't been since Jan 2011 and where there is a massive support line.I still think we are due for a relief rally. After that it is anyone 's guess how far it could fall!
Unless, of course, it was due to GBP specific weakness and the ZAR went nowhere against any other currencies. I just don't see that however. I must admit that I think the EURO is looking very flaccid at this point though.