GBP/NOK may fall 729 - 1029 pips

Our pivot point is at 13.4280.

Our preference

The downside prevails as long as 13.4280 is resistance.

Alternative scenario

The upside breakout of 13.4280, would call for 13.4770 and 13.5060.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 13.4115 and 13.4050).

Supports and resistances

13.5060 **

13.4770 *

13.4280 **

13.4080

13.3889 last

13.3160

13.2860 **

13.2570 *

13.2280 **

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