GBP/NOK may fall 643 - 943 pips

Our pivot point stands at 13.4790.

Our preference

Under pressure below 13.4790.

Alternative scenario

Above 13.4790, look for 13.5290 and 13.5580.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price stands below its 20 and 50 period moving average (respectively at 13.4510 and 13.4386). Finally, the GBP/NOK has penetrated its lower Bollinger band (13.4322).

Supports and resistances

13.5580 **

13.5290 *

13.4790 **

13.4600

13.4283 last

13.3640

13.3340 **

13.3050 *

13.2760 **

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