GBP/NOK may fall 659 - 949 pips

Our pivot point stands at 13.4180.

Our preference

The downside prevails as long as 13.4180 is resistance.

Alternative scenario

The upside breakout of 13.4180, would call for 13.4670 and 13.4970.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 13.4158 and 13.4157). Finally, the GBP/NOK is trading below its lower Bollinger band (standing at 13.3832).

Supports and resistances

13.4970 **

13.4670 *

13.4180 **

13.3990

13.3779 last

13.3120

13.2830 **

13.2540 *

13.2250 **

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