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British Pound / Norwegian Krone

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GBPNOK trade ideas

GBP/NOK for Long! The chart looks really good, the buyer has strength on the upside and is not loosing it inside the range. The seller however, looses his strength with every touch of the top of the range. Right now the price is good and it is making a mini range on the 1H chart. If this range holds, there could be a possibility for a long continuation after the upcomming GBP Manufacturing CPI news, which are expected to be better than before. However, my risk here is reduced and Sl and TP will be more conservative. Management around the news needs to be extra careful, because spikes are a possibility! Crude Oil Inventories are coming up later today, but they might not affect this as much. This is not a financial advice, this is just my analysis, based on price action and my knowledge of the markets. You make investment decisions at your own risk!
GLong
by DelyanIvanov