GBP/NOK may rise 821 - 1111 pips

Our pivot point stands at 14.2360.

Our preference

The upside prevails as long as 14.2360 is support.

Alternative scenario

The downside breakout of 14.2360 would call for 14.1880 and 14.1590.

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 above its 20 and 50 period moving average (respectively at 14.2405 and 14.2378). Finally, the GBP/NOK is trading above its upper Bollinger band (standing at 14.2797).

Supports and resistances

14.4490 **

14.4210 *

14.3920 **

14.3630

14.2809 last

14.2550

14.2360 **

14.1880 *

14.1590 **

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