The British pound surged against the Norwegian krone in yesterday’s trade. Based on news that the Labour Party would support a general election in December, it reached an intraday of 12.00.

Labour’s Jeremy Corbyn called the election “a once-in-a-generation chance to rebuild and transform our country”. While Jo Swinson said, “… it is our best chance to elect a government to stop Brexit.”

A report by the NIESR found that Johnson’s Brexit deal would cost the UK £70 billion more a year than if it had stayed in the EU.

Nevertheless, the pair gave back most of the gains by NY close. The pair traded inside a narrow range between 11.87 and 11.88 during the Asian market. As of 7:15 a.m. London time, the pound traded at 11.8835 against the Norwegian krone.

From a technical standpoint, yesterday’s pinbar signals a strong rejection of levels near the 12.00 round-number resistance. If combined with a bearish divergence in the RSI might put additional selling pressure on the pair.

Lower oil prices for the third consecutive day were not supporting the Norwegian krone. The currency has been one of the worst-performing currencies among developed countries so far this year. Deteriorated risk appetite among global investors doesn’t really favour currencies of small, open economies like Norway.

We saw yesterday’s sharp rally to 11.9710 as an important resistance level for the pair. It would need a fresh wave of positive Brexit news for the pair to trade higher.

To the downside, yesterday’s low of 11.82 acts as a potential support level for the pair, followed by last week’s low of 11.69. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.