GBP/NOK: Sterling Picks Up Support Ahead of Holidays Following Q3 GDP Revision

The British pound picked up some support against the Norwegian krone in the early Monday session following upward revisions to the third-quarter GDP data on Friday.

According to the Office for National Statistics, the final GDP reading showed that economic output rose 0.4% in the third quarter, slightly above market forecasts of a 0.3% rise. This represents an upward revision of 0.1 percentage points from the first quarterly estimate and reflects the inclusion of VAT turnover data.

While government expenditure weighed on the third-quarter GDP, services, construction, and production remained strong contributors to growth which more than offset lower government spending. On an annual basis, the UK GDP rose by 1.1% in Q3.

The latest Commitment of Traders report showed a strong increase in long positions in the pound among non-commercial traders. In the week through December 17, traders cut their bearish bets by $770 million and added $601 million to their bullish bets, taking the net short positioning to only $470 million. Note that the shift in sentiment came in the week after the Conservative Party won a decisive majority in the Parliament.

The upcoming trading week will likely contribute to choppy price action as the holidays are approaching. There are no market reports of note coming from the UK or Norway in the week ahead.

From a technical standpoint, the GBP/NOK pair is finding support at an important horizontal level that aligns with the November 8 low of 11.66, forming a reversal candlestick pattern.

Thinning liquidity in the markets may add to the pair’s inertia and push the pound further to the upside on technical trading, especially after the strong downturn in the pair last week. As of 7:05 a.m. London time, the krone traded at 11.6850 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.