GBP/SEK may rise 409 - 609 pips

13.69 is our pivot point.

Our preference

The upside prevails as long as 13.69 is support.

Alternative scenario

The downside breakout of 13.69 would call for 13.66 and 13.64.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). 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 13.70 and 13.68). Finally, the GBP/SEK is trading above its upper Bollinger band (standing at 13.73).

Supports and resistances

13.84 **

13.82 *

13.80 **

13.78

13.74 last

13.70

13.69 **

13.66 *

13.64 **

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