GBP/NOK may fall 566 - 776 pips

Our pivot point is at 13.6570.

Our preference

Target 13.5510.

Alternative scenario

Above 13.6570, look for 13.6920 and 13.7130.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (13.6438) but above its 50 period moving average (13.6022).

Supports and resistances

13.7130 **

13.6920 *

13.6570 **

13.6430

13.6286 last

13.5720

13.5510 **

13.5300 *

13.5090 **

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