{"id":65463,"date":"2019-11-11T02:43:31","date_gmt":"2019-11-11T07:43:31","guid":{"rendered":"https:\/\/currencylive.com\/?p=65463"},"modified":"2019-11-11T02:43:31","modified_gmt":"2019-11-11T07:43:31","slug":"101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\/","title":{"rendered":"GBP\/NOK: Pound Recovers as Focus Shifts to UK GDP Report"},"content":{"rendered":"

The British pound recovered some ground against the Norwegian krone during the Asian session, after a strong sell-off following Bank of England\u2019s dovish hold. Lower energy prices have also not been supportive for the krone, which traded at 11.7030 as of 7:00 a.m. London time.<\/p>\n

Let\u2019s take a look at the factors that have been driving the pound US dollar exchange rate across the week.<\/span><\/p>\n\n\n\n
\"\"<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Sterling might also be gaining on reports that the UK\u2019s Conservative Party was ahead of Labours ahead of the December election. According to polls published over the weekend, Conservatives had 41% support compared with 29% for the Labour Party.<\/p>\n

In the meantime, the ruling Conservatives criticized Labour\u2019s extravagant spending plans according to which the party plans to spend $1.5 trillion over five years. Conservatives are claiming that this level of spending \u201cis absolutely reckless\u201d and would plunge the UK into an economic crisis.<\/p>\n

The latest Commitment of Traders report showed that investors continued to cut their bearish bets on the pound, reducing their short positions by 5,553 contracts and their long positions by only 2,173 contracts.<\/p>\n

As the pair is consolidation last week\u2019s losses, markets are awaiting important reports from both the UK and Norway. The pound could lift off on today\u2019s GDP report at 9:30 a.m., which is expected to show a significant rise of 0.4% for the last quarter compared with a 0.2% fall in the previous reporting period. If the report comes in below zero, the UK would technically be in a recession.<\/p>\n

In Norway, all eyes will be on inflation reports, with markets forecasting a rise in yearly CPI and core inflation numbers to 1.8% and 2.3%, respectively.<\/p>\n

Technicals show a bearish momentum in the pair after the recent double top pattern and triangle breakout led to a sell-off in the pair. A bearish RSI divergence is still active as the pair is completing a pullback to a horizontal resistance level that aligns with the October swing low around 11.71. To the downside, last week\u2019s low of 11.62 acts as a short-term support level.<\/p>\n

\n
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The British pound recovered some ground against the Norwegian krone during the Asian session, after a strong sell-off following Bank of England\u2019s dovish hold. Lower energy prices have also not been supportive for the krone, which traded at 11.7030 as of 7:00 a.m. London time. Let\u2019s take a look at the factors that have been […]<\/p>\n","protected":false},"author":163946598,"featured_media":65098,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1726],"tags":[1530,1386,1657,1394,1494,1727],"class_list":["post-65463","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-nok","tag-bank-of-england","tag-brexit","tag-british-pound","tag-gbp","tag-general-election","tag-norwegian-krone"],"acf":[],"yoast_head":"\nGBP\/NOK: Pound Recovers as Focus Shifts to UK GDP Report - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/NOK: Pound Recovers as Focus Shifts to UK GDP Report\",\"datePublished\":\"2019-11-11T07:43:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\\\/\"},\"wordCount\":595,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/11\\\/Norwegian-Krone-Surges-Against-the-Pound.jpg\",\"keywords\":[\"bank of england\",\"Brexit\",\"british pound\",\"gbp\",\"general election\",\"Norwegian Krone\"],\"articleSection\":[\"GBP\",\"NOK\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/101455-gbp-nok-pound-recovers-as-focus-shifts-to-uk-gdp-report\\\/\",\"name\":\"GBP\\\/NOK: Pound Recovers as Focus Shifts to UK GDP Report - 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