Forex Market: GBP/NOK daily forecast

During yesterday’s trading session GBP/NOK traded within the range of 10.4269-10.5108 and closed at 10.4910.

At 7:44 GMT today GBP/NOK was gaining 0.20% for the day to trade at 10.5135. The pair touched a daily high at 10.5165 at 7:45 GMT.

Fundamental view

United Kingdom

Activity in United Kingdom’s sector of manufacturing probably slowed down in June, with the corresponding PMI coming in at a reading of 56.6, according to the median forecast of experts, down from 57.0 in May. The index is based on a survey, encompassing managers of companies, that operate in sectors such as manufacturing, mining, utilities. They are asked about their estimate in regard to current business conditions in the sector in terms of new orders, output, employment, demand in the future. Values above the key level of 50.0 signify that activity in the sector has expanded. Higher than projected PMI readings would certainly heighten the appeal of the sterling. The Chartered Institute of Purchasing and Supply (CIPS) is expected to announce the official reading at 8:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case GBP/NOK manages to breach the first resistance level at 10.5258, it will probably continue up to test 10.5601. In case the second key resistance is broken, the pair will probably attempt to advance to 10.6095.

If GBP/NOK manages to breach the first key support at 10.4417, it will probably continue to slide and test 10.3923. With this second key support broken, the movement to the downside will probably continue to 10.3578.