GBP/NOK may rise 690 - 1010 pips

Our pivot point stands at 13.8680.

Our preference

The upside prevails as long as 13.8680 is support.

Alternative scenario

The downside breakout of 13.8680 would call for 13.8140 and 13.7830.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 13.9088 and 13.9035). Finally, the GBP/NOK has crossed above its upper Bollinger band (13.9293).

Supports and resistances

14.1040 **

14.0720 *

14.0400 **

14.0080

13.9390 last

13.8890

13.8680 **

13.8140 *

13.7830 **

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