GBP/NOK may rise 594 - 884 pips

Our pivot point is at 14.1980.

Our preference

The upside prevails as long as 14.1980 is support.

Alternative scenario

The downside breakout of 14.1980 would call for 14.1500 and 14.1210.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 14.2184 and 14.2225). Finally, the GBP/NOK has crossed above its upper Bollinger band (14.2469).

Supports and resistances

14.4110 **

14.3830 *

14.3540 **

14.3250

14.2656 last

14.2170

14.1980 **

14.1500 *

14.1210 **

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