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GBPNOK Forecast – November-8-2023

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In today’s comprehensive GBPNOK forecast, we will first scrutinize the current economic conditions in Norway. Following that, we will meticulously delve into the details of the technical analysis pertaining to the GBPNOK pair.

A Dip in Norway’s Manufacturing Sector

In September 2023, the manufacturing sector in Norway experienced a downturn, with production decreasing by 1.3% on a monthly basis. 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 saw declines.

However, not all components experienced a decrease. Textiles, wearing apparel & leather saw a rebound of 1.1% after a 5.4% decrease in August. Similarly, paper & paper products, repair & installation of machinery, and rubber, plastic & mineral also saw slight increases. When looking at the yearly figures, 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.

GBPNOK Forecast - November-8-2023

GBPNOK Forecast – 4H Chart

The 13.545 level supports this bullish GBPNOK forecast. If this level is breached, it would invalidate the bullish channel, and the next target for the bears would likely be the 61.8% level of the Fibonacci retracement.

This GBPNOK forecast provides key insights into potential future movements of the pair.

  • 8 November 2023
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