GBP/NOK may rise 779 - 1129 pips

Our pivot point is at 13.6390.

Our preference

The upside prevails as long as 13.6390 is support.

Alternative scenario

The downside breakout of 13.6390 would call for 13.5820 and 13.5480.

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 13.6770 and 13.6843). Finally, the GBP/NOK has crossed above its upper Bollinger band (13.6983).

Supports and resistances

13.8850 **

13.8510 *

13.8170 **

13.7820

13.7041 last

13.6620

13.6390 **

13.5820 *

13.5480 **

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