GBP/NOK may rise 432 - 642 pips

Our pivot point stands at 13.4750.

Our preference

Our next up target stands at 13.5750.

Alternative scenario

The downside breakout of 13.4750 would call for 13.4400 and 13.4190.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to trigger further gains. Moreover, the price is above its 20 and 50 period moving average (respectively at 13.4972 and 13.5038). Finally, the GBP/NOK is trading above its upper Bollinger band (standing at 13.5089).

Supports and resistances

13.6170 **

13.5960 *

13.5750 **

13.5540

13.5108 last

13.4890

13.4750 **

13.4400 *

13.4190 **

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