In today’s comprehensive GBPNOK forecast, we will first examine Norway’s current economic conditions. Then, we will meticulously delve into the details of the technical analysis of the GBPNOK pair.
A Dip in Norway Manufacturing
Bloomberg—In September 2023, the Norwegian manufacturing sector experienced a downturn, with production decreasing by 1.3% every month. This was a significant shift from the 1.5% growth observed in the preceding month. A majority of the components saw a reduction in output.
The most notable decreases were observed in refined petroleum, chemicals & pharmaceuticals (down 5.8% from a 3.1% increase in August), wood & wood products (down 2.9% from a 4% increase), and machinery & equipment (down 2.7% from a 5.7% increase). Other areas, such as transport equipment, computer & electrical equipment, and furniture & manufacturing, also declined.
However, not all components experienced a decrease. Textiles, wearing apparel, and leather rebounded by 1.1% after a 5.4% decrease in August. Similarly, paper and paper products, machinery repair and installation, and rubber, plastic, and minerals also saw slight increases. The yearly figures show that manufacturing output fell by 1.5%, a stark contrast to the 1.4% rise seen in August.
GBPNOK Forecast: Technical Analysis
The currency pair is currently bullish. The GBPNOK pair is trading within a bullish channel. However, with the RSI indicating overbought conditions, the pair is experiencing a decline. It’s anticipated that the pair may test the 13.62 pivot or the lower line of the bullish channel before making further gains.
The 13.545 level supports this bullish GBPNOK forecast. If this level is breached, it would invalidate the bullish channel, and the bears’ next target would likely be the 61.8% level of the Fibonacci retracement.
This GBPNOK forecast provides key insights into the potential future movements of the pair.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
