GBP/SEK may fall 394 - 594 pips

Our pivot point is at 13.75.

Our preference

Target 13.65.

Alternative scenario

The upside breakout of 13.75, would call for 13.78 and 13.80.

Comment

The RSI is below 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (13.72) but above its 50 period moving average (13.70).

Supports and resistances

13.80 **

13.78 *

13.75 **

13.73

13.71 last

13.67

13.65 **

13.63 *

13.61 **

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