GBP is mostly unchanged against the Norwegian krone after retreating from the key 11.80 level during the Asian session. As of 7:10 a.m. London time, the pound traded at 11.74 against the krone.

The pair rose sharply in yesterday’s trade on the announcement. Brexit Party leader Nigel Farage won’t fight Johnson’s Conservatives at the upcoming December election. This should dramatically help the Conservatives to win a majority in the Parliament.

Euroskeptic voters don’t have much choice but to vote for the Conservatives now. Farage’s decision has also reduced the chances of a second Brexit referendum by the Labours. It also pushed the pound higher against most major currencies yesterday.

The UK GDP report showed a rise of 0.3% in the last quarter and helped the economy to keep out of a recession. Nevertheless, the growth was slightly lower than market expectations that were set at a rise of 0.4%.

Another possible push for sterling is the unwinding of net short positions. Speculative accounts reduced their bearish positions by $268 million. Taking the net total to -$2.3 billion through last Tuesday.

The recent market action might show an even larger shift in the current week’s report and additionally increase buying pressure in sterling.

From a technical standpoint, the GBP/NOK pair completed a pullback the broken triangle support around the 11.80 level. It also formed a candlestick with a long upper wick, signaling a rejection of higher prices. However, Brexit headlines will keep moving the pound.

A break of the 11.80 level could push the price to the next resistance level that aligns with the November 6 high of 11.85. To the downside, last week’s low of 11.62 will likely act as a strong support level. 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.