GBP/NOK may fall 669 - 969 pips

Our pivot point stands at 13.3820.

Our preference

The downside prevails as long as 13.3820 is resistance.

Alternative scenario

The upside breakout of 13.3820, would call for 13.4310 and 13.4600.

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 13.3597 and 13.3638). Finally, the GBP/NOK has penetrated its lower Bollinger band (13.3319).

Supports and resistances

13.4600 **

13.4310 *

13.3820 **

13.3630

13.3309 last

13.2640

13.2340 **

13.2050 *

13.1760 **

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