GBP/SEK may fall 442 - 662 pips

Our pivot point stands at 13.48.

Our preference

The downside prevails as long as 13.48 is resistance.

Alternative scenario

The upside breakout of 13.48, would call for 13.52 and 13.54.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 13.48 and 13.49). Finally, the GBP/SEK is trading below its lower Bollinger band (standing at 13.45).

Supports and resistances

13.54 **

13.52 *

13.48 **

13.47

13.45 last

13.41

13.38 **

13.36 *

13.34 **

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