GBP/NOK may fall 653 - 913 pips

Our pivot point stands at 13.4960.

Our preference

The downside prevails as long as 13.4960 is resistance.

Alternative scenario

The upside breakout of 13.4960, would call for 13.5400 and 13.5660.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 13.4763 and 13.4776). Finally, the GBP/NOK is trading below its lower Bollinger band (standing at 13.4500).

Supports and resistances

13.5660 **

13.5400 *

13.4960 **

13.4790

13.4473 last

13.3820

13.3560 **

13.3300 *

13.3030 **

Number of asterisks represents the strength of support and resistance levels.