GBP/NOK may rise 560 - 820 pips

Our pivot point stands at 13.4360.

Our preference

Rise to 13.5580.

Alternative scenario

The downside breakout of 13.4360 would call for 13.3920 and 13.3660.

Comment

The RSI is below 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the pair is trading under its 20 period moving average (13.4813) but above its 50 period moving average (13.4756).

Supports and resistances

13.6110 **

13.5850 *

13.5580 **

13.5320

13.4760 last

13.4540

13.4360 **

13.3920 *

13.3660 **

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