GBP/NOK may fall 609 - 899 pips

Our pivot point stands at 14.0670.

Our preference

Target 13.9350.

Alternative scenario

Above 14.0670, look for 14.1160 and 14.1460.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (14.0316) but above its 50 period moving average (14.0102).

Supports and resistances

14.1460 **

14.1160 *

14.0670 **

14.0470

14.0249 last

13.9640

13.9350 **

13.9050 *

13.8760 **

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