GBP/NOK: Sterling Consolidates Gains Near Multi-Year Highs

The pound was consolidating gains against the Norwegian krone during the Asian session after reaching its best level since the 2016 Brexit vote in yesterday’s trade.

With less than a week until the UK general election, markets are hoping for a commanding win of the ruling Tories and a Conservative majority in the Parliament, with most polls pointing in that direction.

However, not all are certain that the UK will leave the European Union with a deal in 2020. According to a Bank of England survey, around 20% of UK businesses see Brexit occurring in 2021. 12% of the firms believe the UK will remain in the EU.

The labour market has also not been immune to the political uncertainty around the election. A survey conducted by KPMG showed that demand for workers rose at the slowest pace since the 2008 crisis. Businesses were delaying hiring plans and workers hesitated to change jobs amid the Brexit confusion.

There are no market reports of note from the UK or Norway today. Thought, slightly lower oil prices could put some downward pressure on the krone. Any election headlines that show a better outlook for the Tories to form a Parliament majority could additionally support the pound in the coming days.

Sterling reached a multi-year high during yesterday’s trading session. It started to consolidate gains in the early Friday session to trade slightly lower against the krone. As of 7:00 a.m. London time, one pound bought 12.01 Norwegian krones.

The pair was trading near the upper channel resistance which could provide some selling pressure in the short run. The recent bullish upturn looks quite overstretched from a technical standpoint (RSI is near overbought levels). A retest of the 11.90-11.95 range could be on the table before a renewed push higher. 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.