The GBPZAR quotation consists of the British pound sterling and South African rand. This instrument is not popular in the global market, but it's the only chance for S. Africa to introduce its currency to Forex. So, this quotation is widely used in the South African Republic.
The GBPZAR quotation is highly volatile, and there's almost no market analysis for this pair. So, this instrument is mainly used by traders ready to make their own predictions. Only experienced traders dare to trade such an exotic pair.
To predict the GBPZAR's moves, you need to consider economic stats on the UK and S. Africa and the US: the USD influences the two currencies very much. In the first place, pay attention to inflation rates, the labor market, interest rates, and trade balances.
Evaluating the state of the UK economy, look at its industrial, financial, legal service, and foreign trade sectors. When it comes to South Africa, raw materials come on stage: the country exports ferrous metals, non-ferrous metals, precious metals, and diamonds. The demand and production of those resources determine the GBPZAR rate.
Despite seemingly chaotic fluctuations, you can still make profits from the GBPZAR. This pair is suitable for short-term trades. Experience and reliable trading strategies are essential here.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
