GBP/NOK: Krone Extends Gains as UK Elections Continue to Weigh on Sterling

The Norwegian krone continued to extend gains against the British pound during the Asian session, following a strong sell-off in sterling in yesterday’s trade.

Brexit concerns and arguably the most pivotal general election in the recent UK history continue to weigh on the pound.

Just two weeks before the election, Labour leader Corbyn has been accused of hostility toward the Jewish community by the UK Chief Rabbi Ephraim Mirvis. He described Corbyn’s efforts to be fighting anti-Semitism as “mendacious fiction.”

Whether these accusations could have an impact on the election results will be partly reflected in the eagerly awaited MRP poll, which will be released today at 10 p.m. The MRP poll, which predicted Theresa May losing majority in the 2017 election, uses a much larger sample than a standard poll — around 50,000 people. It also uses advanced algorithms based on local factors to anticipate who will take each of the Parliament’s 632 seats.

The unemployment rate in Norway unexpectedly increased to 3.9% in the three months to October, missing market expectations of 3.7%. While this is the highest rate of unemployment since November 2018, the impact on the Norwegian krone seems largely muted at the moment.

Technicals show that the GBP/NOK pair still faces difficulties to break above the 11.85 level — a level that forms a strong horizontal resistance level on the daily chart and that aligns with the 61.8% Fib level.

Nevertheless, short-term technicals are bullish for the pair with an uptrend in the 4-hour chart and hidden bullish divergences forming in the RSI. To the downside, the November 22 low of 11.72 could provide support and push the price higher to retest the 11.85 level. As of 7:20 a.m. London time, the krone traded at 11.7825 against the pound. 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.