7645505 7/13/2017 12:23 PM, GBP/NOK intraday: the RSI is oversold


Our pivot point stands at 10.6910.


Our preference

: target 10.5940.


Alternative scenario

: above 10.6910, look for 10.7280 and 10.7500.


Comment

: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). 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 MA (10.6695) but above its 50 MA (10.6544).


Supports and resistances

:

10.7500 **

10.7280 *

10.6910 **

10.6770

10.6611 last

10.6160

10.5940 **

10.5720 *

10.5500 **