GBP/NOK may rise 599 - 889 pips

Our pivot point is at 14.0110.

Our preference

The upside prevails as long as 14.0110 is support.

Alternative scenario

Below 14.0110, expect 13.9620 and 13.9320.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 14.0162 and 13.9916). Finally, the GBP/NOK is trading above its upper Bollinger band (standing at 14.0459).

Supports and resistances

14.2030 **

14.1730 *

14.1430 **

14.1140

14.0541 last

14.0310

14.0110 **

13.9620 *

13.9320 **

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