GBP/NOK may rise 503 - 753 pips

Our pivot point stands at 13.9960.

Our preference

The upside prevails as long as 13.9960 is support.

Alternative scenario

The downside breakout of 13.9960 would call for 13.9540 and 13.9300.

Comment

The RSI is above its neutrality area at 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 14.0081 and 14.0016). Finally, the GBP/NOK has crossed above its upper Bollinger band (14.0327).

Supports and resistances

14.1590 **

14.1340 *

14.1100 **

14.0850

14.0347 last

14.0120

13.9960 **

13.9540 *

13.9300 **

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