For the fourth consecutive trading day, British pound extended its gains against the Norwegian krone in yesterday’s trading session. This happened despite a soft CPI report from the UK.

The pair reached an intraday high of 11.85 that aligned with the resistance level of the November 6 high but gave back most of its gains in the afternoon and Asian sessions. As of 7:00 a.m. London time, sterling traded at 11.80 against the krone.

The UK election campaign is heating up, but not everything is going as planned for the Conservative’s leader Boris Johnson. Just as he insisted that his country’s future was in green investments and electric cars, the US giant Tesla Inc. announced that they had chosen to build their gigafactory in Germany and not the UK as previously planned. “Brexit is just too risky”, said Tesla’s Elon Musk.

Nevertheless, most polls give the Conservatives a comfortable advantage over their political competitors. Voters seem to prefer Boris Johnson over Labour Party leader Corbyn as UK’s prime minister.

After a lower-than-expected CPI number released yesterday, investors are now awaiting the UK’s retail sales report to assess the future direction of the country’s economy. Retail sales are expected to rise by 0.2% in October after a flat reading the previous month.

While technical levels show a resistance level at yesterday’s high of 11.85, newsflow around Brexit and the election campaign will likely keep moving the pair in the mid-term. A break above 11.85 doesn’t see any meaningful resistance before the 11.90 — the upper triangle line.

To the downside, the November 7 low of 11.62 could act as an important hurdle for sellers to push the price further down. 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.