The British pound had a relatively calm trading day against the Norwegian krone yesterday, regaining some ground after the sharp sell-off on Friday.

Nevertheless, the Asian session extended pound’s losses as the UK general election and its possible outcomes remain a major focus among investors.

Financial markets have a favourite — Boris Johnson — as his main rival Jeremy Corbyn and his socialist agenda is by many perceived as an inappropriate fit for the UK. PM Johnson heads into the general election with another powerful ally — hedge funds.

Markets are also awaiting a number of important news reports today. Markit Economics releases the UK Services PMI at 9:30 a.m. It is expected to come in at 49.6, a slight pick-up in the service sector compared to last month. Still, any value below 50 indicates industry contraction.

From Norway, we’ll get the change in housing prices at 10:00 a.m. London time. It could give a valuable insight into the country’s housing market and inflation outlook.

The Norwegian krone was also supported by slightly higher oil prices. However, Brent crude is trading near the upper channel line which may attract oil sellers in the short-term.

From a technical standpoint, the bearish divergence between the price and the RSI increased, selling pressure on the pair. It pushed the price near the October 24 low of 11.69.

Yesterday’s long lower-wick candle suggests that markets are rejecting lower prices at the moment. The pair may need a new market catalyst to break below the October 24 support. Or to push significantly higher from current levels. As of 7:15 a.m. London time, the GBP/NOK traded at 11.76. is a news site only and not a currency trading platform. 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.