GBPNOK is a cross-pair consisting of the British pound as the main currency and the Norwegian krone as the quote currency.
The British pound (GBP) is the official currency of the United Kingdom of Great Britain and Northern Ireland and one of the world's major reserve currencies. The pound sterling is also accepted as legal tender in the British Crown Dependencies and British Overseas Territories. The UK economy mainly focuses on the industrial sector and financial, insurance, and legal services. The UK's main trading partners are the EU and the US.
The Norwegian krone is the national currency of Norway. The Norwegian economy is focused on exporting raw materials (timber, aluminum), hydrocarbons (oil, gas), and electricity. So, the oil and raw materials prices are significant factors influencing the Norwegian krone. The main sectors of the country's economy are trade and public services, industry, and tourism. The reserve fund is a feature of the Norwegian economic system. It consists of oil profits and is designed to stabilize the national currency in the event of short-term drops in world oil prices.
When conducting GBPNOK fundamental analysis, it is worth considering the USD influence on both currencies that make up the pair. Thus, in addition to considering the current economic situation of the UK and Norway, it is necessary to pay attention to such US indicators as the federal funds rate, the amount of unemployment, the level of business activity, GDP, and inflation data. Considering the above mentioned factors of influence on GBPNOK and using technical analysis tools, you can successfully trade the GBPNOK in the short and medium-term.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
