GBP/SEK may fall 466 - 676 pips

Our pivot point is at 13.39.

Our preference

The downside prevails as long as 13.39 is resistance.

Alternative scenario

The upside breakout of 13.39, would call for 13.42 and 13.44.

Comment

The RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 13.39 and 13.40). Finally, the GBP/SEK has penetrated its lower Bollinger band (13.36).

Supports and resistances

13.44 **

13.42 *

13.39 **

13.37

13.35 last

13.31

13.28 **

13.26 *

13.24 **

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