The British pound surged against the Norwegian krone in yesterday\u2019s trade. Based on news that the Labour Party would support a general election in December, it reached an intraday of 12.00.<\/p>\n
Labour\u2019s Jeremy Corbyn called the election \u201ca once-in-a-generation chance to rebuild and transform our country\u201d. While Jo Swinson said, \u201c… it is our best chance to elect a government to stop Brexit.\u201d<\/p>\n
A report by the NIESR found that Johnson\u2019s Brexit deal would cost the UK \u00a370 billion more a year than if it had stayed in the EU.<\/p>\n
Nevertheless, the pair gave back most of the gains by NY close. The pair traded inside a narrow range between 11.87 and 11.88 during the Asian market. As of 7:15 a.m. London time, the pound traded at 11.8835 against the Norwegian krone.<\/p>\n
From a technical standpoint, yesterday\u2019s pinbar signals a strong rejection of levels near the 12.00 round-number resistance. If combined with a bearish divergence in the RSI might put additional selling pressure on the pair.<\/p>\n
Lower oil prices for the third consecutive day were not supporting the Norwegian krone. The currency has been one of the worst-performing currencies among developed countries so far this year. Deteriorated risk appetite among global investors doesn\u2019t really favour currencies of small, open economies like Norway.<\/p>\n
We saw yesterday\u2019s sharp rally to 11.9710 as an important resistance level for the pair. It would need a fresh wave of positive Brexit news for the pair to trade higher.<\/p>\n
To the downside, yesterday\u2019s low of 11.82 acts as a potential support level for the pair, followed by last week\u2019s low of 11.69.<\/p>\n
The British pound surged against the Norwegian krone in yesterday\u2019s trade. Based on news that the Labour Party would support a general election in December, it reached an intraday of 12.00. Labour\u2019s Jeremy Corbyn called the election \u201ca once-in-a-generation chance to rebuild and transform our country\u201d. While Jo Swinson said, \u201c… it is our best […]<\/p>\n","protected":false},"author":163946598,"featured_media":61308,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1726],"tags":[1386,1394,1753,1732,1728,1727],"class_list":{"0":"post-61302","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-nok","9":"tag-brexit","10":"tag-gbp","11":"tag-general-elections","12":"tag-labour-party","13":"tag-nok","14":"tag-norwegian-krone"},"acf":[],"yoast_head":"\n