GBP/NOK - Very Good Moment For A Rebound
FxGrow | Feb 01, 2016 12:42PM ET
GBP/NOK - Very Good Moment For A Rebound
GBP/NOK reached important support and rebound attempt occurred once again. Admittedly, since March 2013 price moves in an uptrend, however for the last 3 months we clearly saw troubles of demand with further upward movement. Last high was reached in November 5; since then GBP/NOK fell.
In the last week price has reached 7-months low. In long term it is a new downtrend signal (lowest high and lowest low), but in a short term rebound should occur because support at 12.3300 is quite strong. Nearest resistance is at 12.5540 and after it's next breakout is at 12.7400. Only break above indicated level will give more optimism to further upward moves. Alternatively if bearish sentiments returns and current rebound will be just correction in a new downtrend, after break below 12.3300 next support is located at 12.0900.
Time-frame H4
Time-frame D1
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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