GBP/NOK may fall 553 - 813 pips

Our pivot point stands at 14.2290.

Our preference

The downside prevails as long as 14.2290 is resistance.

Alternative scenario

Above 14.2290, look for 14.2730 and 14.3000.

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 14.2087 and 14.2122). Finally, the GBP/NOK is trading below its lower Bollinger band (standing at 14.1887).

Supports and resistances

14.3000 **

14.2730 *

14.2290 **

14.2120

14.1823 last

14.1270

14.1010 **

14.0750 *

14.0490 **

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