GBP/NOK may rise 742 - 1072 pips

Our pivot point stands at 13.7520.

Our preference

As long as 13.7520 is support look for 13.9050.

Alternative scenario

The downside breakout of 13.7520 would call for 13.6960 and 13.6630.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading under its 20 period moving average (13.8005) but above its 50 period moving average (13.7862).

Supports and resistances

13.9720 **

13.9390 *

13.9050 **

13.8720

13.7978 last

13.7740

13.7520 **

13.6960 *

13.6630 **

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