GBP/NOK: Sterling Gives Back Gains Against Krone at Important Resistance Zone, Triple Top Forming

The Norwegian krone continued to recover ground against the British pound for the second straight day as UK politicians and voters are preparing for a general election on December 12.

While polls showed that the Conservatives had a double-digit advantage over the Labours most of the time, the latest surveys signal that Corbyn’s Labour Party is slowly chipping away at Johnson’s lead. A new BMG poll gave Boris Johnson a tight lead of 6 percentage points over Corbyn, which is more than half the margin compared to only eleven days ago.

In one of his latest comments, Jeremy Corbyn attacked big business and promised to extend employee rights in a “corrupt system” that he says favours billionaires. Among other promises, the Corbyn vowed to ban zero-hours contracts, introduce a living wage of 10 pounds an hour, and create a Workers Protection Agency.

Meanwhile, the latest BRC report on retail sales showed that British shoppers picked up their spending pace last month, with adjusted sales rising 0.9% year-on-year in November. Nevertheless, adjusted for the timing of Black Friday which wasn’t covered in this month’s report, total retail spending fell by 4.4% compared with numbers for November 2018.

Later today, markets will eye the UK construction PMI which is expected to come in at 44.5 points in November. While this is slightly higher than the previous month’s reading of 44.2, it still indicates an industry contraction.

From a technical standpoint, the Norwegian krone picked up support at an important resistance level around the 11.92 level as expected and traded at 11.8450 against the pound, as of 7:00 a.m. in London.

While yesterday’s low of 11.8252 could provide some support for the pair in the short-term, the triple top pattern that is forming on the daily chart looks quite bearish for sterling ahead of the general election. 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.