GBP/NOK may rise 501 - 751 pips

Our pivot point is at 13.5030.

Our preference

The upside prevails as long as 13.5030 is support.

Alternative scenario

The downside breakout of 13.5030 would call for 13.4610 and 13.4360.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 13.5256 and 13.5171). Finally, the GBP/NOK is trading above its upper Bollinger band (standing at 13.5451).

Supports and resistances

13.6780 **

13.6520 *

13.6270 **

13.6020

13.5519 last

13.5200

13.5030 **

13.4610 *

13.4360 **

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