GBP/NOK may rise 711 - 1031 pips

Our pivot point stands at 13.8200.

Our preference

Rebound.

Alternative scenario

The downside breakout of 13.8200 would call for 13.7660 and 13.7340.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (13.8506) but under its 50 period moving average (13.8691).

Supports and resistances

14.0350 **

14.0040 *

13.9720 **

13.9400

13.8689 last

13.8410

13.8200 **

13.7660 *

13.7340 **

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