GBP/NOK may fall 631 - 921 pips

Our pivot point is at 14.2470.

Our preference

The downside prevails as long as 14.2470 is resistance.

Alternative scenario

The upside breakout of 14.2470, would call for 14.2970 and 14.3260.

Comment

The RSI is below its neutrality area at 50. 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 14.2470 and 14.2340). Finally, the GBP/NOK has penetrated its lower Bollinger band (14.2089).

Supports and resistances

14.3260 **

14.2970 *

14.2470 **

14.2270

14.2021 last

14.1390

14.1100 **

14.0800 *

14.0500 **

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