GBP/NOK may rise 558 - 778 pips

Our pivot point is at 13.5140.

Our preference

Rebound.

Alternative scenario

The downside breakout of 13.5140 would call for 13.4760 and 13.4530.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (13.5429) but below its 50 period moving average (13.5539).

Supports and resistances

13.6700 **

13.6480 *

13.6250 **

13.6030

13.5472 last

13.5280

13.5140 **

13.4760 *

13.4530 **

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