Trading GBP/NOK

The GBP/NOK exchange rate dynamic has been one of interest to many UK investors, especially in relation to oil, one of Norway’s largest commodity exports. Before we explore correlations and forecasts, we’ll outline the key advantages and disadvantages of day trading this exotic cross, plus techniques to use in the challenging forex market.

GBP/NOK Trading Brokers

  1. XTB

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    Trade 48 currency pairs with low spreads from 0.1 pips and leverage up to 1:30 (EU) and 1:500 (Global). Micro lot trading is also available and new currency traders can make near-instant deposits with no fees.

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    FXCC offers leading fees compared to alternatives with spreads as low as 0.0 pips and $0 commission. Over 70 currency pairs are also available, providing more opportunities than most competitors.

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    Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 60+ pairs. You can also trade currency indices, which aren't available at many alternatives. Forex lots start at 0.01.

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    Trade 85 major, minor and exotic forex pairs via CFDs on IB's FXTrader platform with tight spreads and low commissions, or trade forex on the spot market. They offer more FX assets than almost any competitor.

  5. XM

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    XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Forex can be traded 24/5 on desktop, web and mobile. Over 50 currency pairs are available including all majors.

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    Trade 50+ major, minor and exotic pairs with an award winning platform. Users get institutional-level prices with spreads from 0.0 pips and low commissions. The VPS will also serve high-volume, active day traders.

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    OANDA offers 68 currency pairs, which is above the industry average. You can speculate on majors, minors and exotics, with spreads from 0.8 pips on popular pairs. There are no commissions and leverage is available up to 1:200. Average execution speeds are fast based on tests, at 12 milliseconds.

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    IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.

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    Trade 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals.

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    Plus500 offers forex trading via CFDs with tight, floating spreads and an excellent suite of 60+ currency pairs. We got spreads of 0.6 pips on the EUR/USD during testing - lower than many alternatives.

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    rating full offers major, minor and exotic currency pairs available to trade as contracts for difference (CFDs) or spread betting (UK customers only). Spreads are competitive starting from 0.6 pips on the EUR/USD.

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    NinjaTrader supports the trading of popular currencies including the EUR/USD. The trading software also offers unique features tailored to forex trading, including specific order and market windows.

  13. Axi

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    Axi offers a great selection of 70+ major, minor and exotic currency pairs. There are no restrictions on trading strategies and the broker boasts impressive spreads by connecting to 20 liquidity sources.

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    Trade 170+ major, minor and exotic forex pairs with floating spreads and leverage up to 1:30. Forex futures are also available on some currency pairs. However the forex broker has a track record of amending margin requirements without appropriate notice.

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    Trade 35 major, minor and exotic forex pairs through CFDs with floating spreads from 0.1 pips. Alternatively, binary options allow you to speculate on rising and falling prices with a fixed stake and payout.

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    Focus Option offers 22 forex pairs tradeable via binary options, including a selection of majors and minors. FX pairs are also available to trade with margin on Focus Option's mobile app, which offers high leverage up to 1:50 and spreads from 1 pip.

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    Global Prime traders can access 48 forex pairs including majors, minors and exotics with tight spreads from 0.9 with no commission or from 0 with a $7 round turn. Forex is traded via the leading MT4 platform, micro lots are available and latency is low via a New York-based server.

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    Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

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    Trade currencies with 0.0 pip spreads at one of the world's leading forex brokers. IC Markets is a great choice for serious traders with superior execution and low fees.

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    AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

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    rating full is a leading FX broker. The brand offers a wide range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.0 with a $7 commission per $100k.

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    Go long or short on 50 forex pairs including the EUR/USD and GBP/USD with zero commissions. There are plenty of opportunities to buy and sell currencies via margin or copy trading.

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    An impressive selection of 52 currencies are tradeable on eToro's proprietary platform and app. Traders can also continuously hone their forex strategies by switching between demo mode and their live account any time.

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    OspreyFX offers more than 50 major, minor and exotic currency pairs. Spreads start from just 0.1 pips on the EUR/USD and the broker provides a suite of forex trading education for beginners, including partnering with Forex Squad.

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    CloseOption offers binaries on 25+ forex pairs, including majors like EUR/USD and a few minors like AUD/JPY. Payouts vary by currency, with decent typical payouts of 75% for GBP/USD.

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    Trade 70+ major, minor and exotic forex pair CFDs with up to 1:1000 leverage, no commission fees and competitive spreads from 0.8 pips. FX trades can also be executed via the reliable and fast MetaTrader 5 software.

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    Errante traders can access 50+ forex pairs with leverage up to 1:500 (location dependant). The broker offers fast execution and tight spreads, especially to clients with VIP and Tailor-Made accounts.

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    Kwakol Markets offers a wider range of forex pairs than most competitors, with 90+ assets available. Users get fast execution speeds through the ECN model and competitive spreads. On the negative side, not all currency pairs are available on MT4.

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    Trade 70 major, minor and exotic forex pairs with ultra-low ECN spreads and fast execution via the MT4 or MT5 platforms. There are also zero SL/TP limits and automated forex trading is well catered for.

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    Ingot Brokers offers forex trading on a modest suite of 30+ currency pairs with spreads starting from zero on raw spread account types. Currencies can be traded 24/5 though exotics are only available on MT5.

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    Trade a small selection of 25 major and minor pairs. Spreads from zero on the pro account, micro-lot trading, and very high leverage make up for the limited range of currencies. The MetaTrader software is also a well-regarded platform for forex trading.

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    Axofa offers 50+ forex pairs with raw spreads and low commissions. On the downside, the broker is not particularly transparent when it comes to their account conditions and fees.

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    Go long or short on over 50 currency pairs with spreads from 0.6 pips on EUR/USD. Traders can access market-leading forex tools in the MT4 platform, including customisable forex charts and algorithmic trading.

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    Trade binary options on 25+ forex pairs including a range of majors and minors, as well as precious metals paired with USD. Payouts top 80% and users can analyze market movements on the hugely popular MT4 platform and app.

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    World Forex offers CFD and digital contract trading on 53 forex pairs, including EUR/USD and GBP/EUR. High leverage is available for CFDs, which can be accessed with competitive spreads on certain account types.

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    FinPros offers 80+ forex pairs, which is one of the more diverse offerings available. Traders benefit from ultra-low latency, MT5 support and very tight spreads and low commissions on the RAW+ account.

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    Trade 45+ major, minor and exotic pairs with deep liquidity and low latency. The ultra-tight spreads from 0.01 pips on raw accounts, competitive $7 or lower round-turn commissions and high leverage up to 1:500 will suit scalpers, who can trade without limits.

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    IQCent traders can access CFDs or binary options on 40+ forex pairs, including majors, minors and exotics. CFD spreads start from 0.7 pips and binary options payouts are decent up to 95%. Trading takes place through the broker's proprietary platform with advanced analysis tools.

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    Trade 50+ forex pairs including popular majors and minors with very high leverage available up to 1:1000. Gold, silver, palladium and platinum pairs with USD are also available.

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    Trade 25+ major and minor currency pairs with access to over 30 technical indicators in the broker's proprietary terminal. You can also follow and replicate other forex trades using the integrated copy trader.

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    Scope Markets offers MT5 trading for a range of major, minor and exotic currency pairs with high leverage and a low starting deposit. Multilingual 24/5 support is also available to support forex traders.

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    Trade 50+ forex pairs, including popular major, minor and exotic pairs. This is a decent selection, but traders will have a choice between the attractive MT4, MT5 or IRESS platforms and regulatory cover from ASIC. The VPS will also suit automated forex trading strategis.

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    Trade 49 major, minor and exotic currency pairs with fixed spreads or ECN pricing with no dealing desk intervention and a low starting deposit. You can analyze the currency markets using the broker's in-house trading platform.

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    Anzo Capital offers 45+ forex pairs including majors, minors and exotics with fast execution and spreads starting from zero. High leverage up to 1:1000 is available with a margin call at 80% and a stop out level at 50%.

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    Rock Global clients can access 50+ currency pairs via CFDs with leverage up to 1:500, world class liquidity and fast execution on the MT4 or TWS platforms. The tight spreads from 0.9 with no commission are a particularly attractive feature.

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    VT Markets offers 40+ forex pairs including majors, minors and exotics with lightning-fast execution, up to 1:500 leverage and spreads starting from 0 available to ECN account holders.

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    Binary and OTC options can be purchased on over 40 foreign exchange pairs. Typical payouts are also decent at 81% and users can trade forex binary options in just a couple of clicks.

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    Exinity offers 150+ forex pairs to trade on a very competitive ECN pricing model, with spreads from zero and low commissions of $4 per round turn. Traders can access the powerful MT4 and MT5 platforms and trade with no restrictions on popular day trading strategies.

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    ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on the leading MT4 and MT5 platforms. Spreads are tight starting from zero and there are no dealers or requotes.

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    PU Prime clients can trade 40+ forex pairs via the MT4 and MT5 platforms with dynamic leverage up to 1:500. Spreads start from near zero on Prime accounts, which also charge a $7 commission per lot, and a zero-commission Standard account with wider spreads is also available.

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    With 100+ currency pairs including all majors plus many minors and exotics tradeable on the MT4 platform with 1:2000 leverage, SuperForex lives up to its name as a great choice for forex traders. The ForexCopy system is also useful for newer traders.

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    AdroFX has a good forex offering of more than 60 pairs, which can be traded with up to 1:500 leverage via the MT4 platform or copy-traded with Allpips. The broker also offers very tight spreads starting from 0.4 pips and charges no commission.

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    Start trading on dozens of currencies at RoboMarkets with powerful analysis tools and pattern recognition technology. 35+ currency pairs are available with tight spreads from 0 pips and rapid market execution. You can also utilise the broker's forex news alerts and economic calendar.

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    Trade 7 major, 21 minor and 29 exotic forex pairs with high leverage and a choice between STP or ECN accounts. Support is available around the clock and the TradeLocker forex software is provided.

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    Core Spreads offers trading on 34 forex pairs through spread betting and 40 currencies through CFDs, with both vehicles covering major and minor pairs. Spread betting spreads start from 0.6 for EUR/GBP; CFD spreads are variable and start from 1.2 pips on EUR/GBP.

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    Buy and sell over 50 currencies with zero pip spreads available via deep liquidity pools. M4Markets offers very low latency with execution speeds averaging 30ms. There are no restrictions on forex trading strategies.

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    MultiBank FX offers trading on 50+ major, minor and exotic currency pairs. Spreads are tighter than many competitors and the broker offers higher leverage than most alternatives. Automated trading strategies are also permitted.

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    Trade Nation offers over 30 of the most popular forex pairs with variable spreads. Traders can access a slick proprietary platform or MetaTrader 4, with real-time forex market updates and insights via 'Smart News'.

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    As well as a competitive selection of 55+ forex pairs, traders can access high leverage up to 1:300. You can also enjoy advanced analysis from Trading Central with easy integration into MetaTrader 4.

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    Traders can access a decent range of 60+ major, minor and exotic forex pairs through standard and ECN accounts with tight spreads from 0.5 and 0.0, respectively. Execution speeds are also faster than most competitors at 50ms, which will appeal to active forex day traders.

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    4xCube offers 60+ currency pairs with competitive trading conditions. We like that all trading strategies are permitted including scalping and hedging.

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    ActivTrades is a great broker for active forex traders with industry-low spreads from 0.5 pips and zero commissions. The forex broker also offers impressive execution quality and speeds, alongside award-winning customer service.

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    BlackBull offers 64 forex pairs with very competitive pricing through its ECN accounts, with the standard commission-free spread starting from 0.8 and spreads with commission starting from zero. The broker supports diverse trading platforms including MT4 and MT5, and provides leverage up to 1:500.

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    LQDFX offers an extensive list of 70+ currency pairs, more than most alternatives. Spreads are ultra-low and high leverage is available on the market-leading MT4 platform.

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    Trade over 30 currency pairs with tight spreads from 0 pips. Forex traders have a choice of leading platforms including MT4, MT5 and an in-house web trader. The CopyFX system also lets you mirror experienced currency traders with a $100 minimum investment.

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    Swissquote offers trading on a huge range of forex assets, covering 80+ currency pairs. Spreads start from 1.3 pips with the Premium account and there are zero commissions. Micro, mini and standard lot sizes are available plus options contracts on major currencies.

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    SimpleFX offers a competitive suite of 60 forex pairs with average spreads of 0.9 pips. The charting features are extensive, with convenient mobile and desktop access for all experience levels.

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    Go long or short on over 50 forex pairs from majors to exotics, with spreads as low as 0.1 pips. Traders can analyze the currency markets with market-leading trading software and charts from MetaTrader 4.

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    During my tests, I was able to access a very competitive range of 90+ forex pairs with ECN spreads from 0.0 pips and leverage up to 1:500. FX traders can also make use of the Trading Central signals or the broker's daily forex analysis.

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    Trade on 45+ majors, minors, crosses and exotics, with competitive pricing, ultra-fast execution and no requotes. Newer traders can access zero-commission trading. Experienced forex traders can operate with no trading restrictions and benefit from an ECN account and a VPS service.

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    FXTrading clients can access 70+ forex pairs with high leverage up to 1:500, fast execution averaging 80ms, excellent liquidity and spreads from zero. A good selection of minors and exotics are available as well as all the majors. New users can start trading forex in 4 easy steps.

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    Trade 36 forex pairs, including the EUR/USD with spreads from zero pips. FXChoice offers higher leverage on forex than most competitors, alongside 24/5 support and an accessible $10 starting deposit.

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    With over 190 forex spot pairs, EZ Invest outperforms many rivals in terms of access to the currency markets. Users can also choose between desktop software, a webtrader plus a solid mobile app. On the negative side, spreads aren't the tightest on entry accounts.

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    Fortrade offers 60+ currency pairs including a good selection of majors, minors and exotics. Trading takes place via MT4 or Fortrade's proprietary, low-latency terminal, and spreads on the USD/GBP pair average a reasonable 2 pips.

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    FP Markets is a good option for forex traders, with 70+ pairs covering an excellent range of currencies. Spreads are already tight on standard accounts and start from zero on raw spread accounts, and the broker offers high leverage up to 1:500 and top-tier liquidity.

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    IronFX offers 80 currency pairs with an excellent selection of minors and exotics as well as majors. Trading takes place on the MT4 or a proprietary platform with spreads from zero available to ECN accounts. IronFX offers more currency assets than virtually all competitors.

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    Trade 80+ major, minor and exotic forex pairs. This is a very competitive range of currency pairs with 50+ exotics to choose from, and traders will benefit from fast execution and support from extra features including a pip calculator. The MetaTrader 4 software was also designed for online forex trading.

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    Libertex offers CFD trading on 50+ forex pairs, offering long and short opportunities. Its strength comes in its tight spreads – we were offered 0.2 pips for EUR/USD.

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    Trade up to 33 major and minor forex pairs. This is a small range of currency pairs compared to competitors, with no exotics, but traders do benefit from tight spreads, low or no commissions and low latency.

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    HYCM offers 40+ forex pairs, with most available to trade on either the MT4 or MT5 platform. The maximum leverage on offer is 1:30 in accordance with regulations, and tight spreads start from 0.2 on the Raw account and from 1.2 on the commission-free Classic account.

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    FXOpen clients can trade 50+ forex pairs (28 on micro accounts) with leverage up to 1:30. Fees are competitive with spreads starting from zero with a small commission on ECN accounts, and slightly wider spreads and no commission on STP accounts.

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    Trade 45 major, minor and exotic forex pairs. This is an average range, but the broker offers attractive and very competitive tight floating spreads from 0.3. Useful features including a news feed set the broker apart from many rivals and can help plan forex strategies.

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    With 300+ forex pairs, Hantec Markets has one of the widest selections on the market. Floating spreads start from 0.2 pips with ultra-fast market execution and access to the leading MT4 platform.

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    With 60+ currency pairs available, Dukascopy offers enough majors, minors and exotics to keep most forex traders happy. The broker also offers high leverage up to 1:100 – a good amount to see from a reputable and regulated broker. Currency traders have access to excellent software, including MT4 and JForex.

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    Speculate on popular currency pairs with flexible leverage up to 1:500 and zero-pip spreads in the GO Plus account. Commission-free trading is available with micro, mini and standard forex contract sizes.

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    With around 190 forex pairs and spot metals, 140 forwards, top-tier liquidity, fast execution and spreads from near zero, Saxo Bank offers exceptional flexibility and value to forex traders. Advanced charting from TradingView is another plus for active forex traders.

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    Trade on 60+ forex pairs with no commission and competitively tight spreads from 0.6 on major pairs such as EUR/USD. This is a good selection of forex pairs and excellent pricing for commission-free trading, well below the industry average.

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    Trade a wide selection of 80+ currency pairs with spreads from 0.5 pips and industry-favorite platforms. City Index has 40+ years experience in forex trading with liquidity from tier-one banks.

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    ThinkMarkets offers 46 forex pairs, including a decent variety of minors and exotics as well the majors. Forex traders also benefit from very tight spreads starting from 0.0 pips for the EUR/USD in the Zero account.

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    CMC Markets offers a superb list of 330+ forex pairs with tight spreads and ultra-fast executions. The selection of currencies is significantly wider than rivals.

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    FXTM offers 60+ forex pairs plus 6 indices which track a basket of popular currencies. The brand's ECN accounts offers impressive spreads from 0 with low commissions from $0.40 to $2 per lot and commission-free spreads start from 1.5 pips.

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    Trade FX pairs with tight spreads & leverage.

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    Trade 60+ forex pairs including majors, minors and a selection of exotics and crosspairs with fixed spreads from 1.8 pips or variable spreads from 0.8. FX traders also get advanced trading software in MetaTrader.

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    Trade over 90 pairs and keep costs to a minimum, with tight spreads and industry-leading commissions. Currencies can be traded 24/5 with no dealing desk intervention.

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    Trade 24 forex pairs via binary options. Such a small range of currency pairs is not that unusual among binary options brokers, and BinaryCent's high payouts up to 95% compensate for the lack of range.

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    Access over 40 currency pairs with no commissions and low spreads from 0.78 pips for EUR/USD. Forex can also be traded 24/5 on a choice of reliable platforms.

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    Go long or short on a range of major and minor currency pairs with tight spreads. Powerful trading software is available with a choice of instant and pending orders.

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    Trade 200 CFD forex pairs with DMA pricing and tight spreads, ultra low latency and high leverage up to 1:1000. The range of forex pairs available and pricing model are among the most attractive in the African market.

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GBP/NOK Explained

The GBP/NOK exchange rate determines how many Norwegian kroner (NOK) to the British pound (GBP). The GBP/NOK quote is a cross currency pair which is popular among experienced traders.

The price movement of the pair is determined by the UK and Norwegian economies, with some dynamics owing to correlated currencies and commodities such as Brent oil. We’ll explore these later, but first, let’s take a look at the individual historic events that precede today’s performance of both currencies.

The British Pound

After the US dollar, the euro and the Japanese yen, the pound sterling is the fourth most traded currency in the world and the fourth most popular reserve currency.

The modern sterling currency was first established at the end of the 17th century when the Bank of England was founded. During the British Empire era, the sterling was widely used around the world.

After World War I, the UK economy and the sterling took a significant hit after accumulating immense national debt. In 1940, the sterling was pegged to the US dollar in the Bretton Woods system, though it became a free-floating currency in 1971 when the system collapsed.

The following years saw the sterling’s performance dip periodically due to budget deficits and austerity during the Thatcher premiership, plus political uncertainty around joining the eurozone.

The Norwegian Krone

Introduced in 1875, Norway joined the Scandinavian Monetary Union alongside Denmark and Sweden, whereby the Norwegian krone was introduced. Within the union, the krone was on a gold standard, though this was suspended permanently in 1931. It was then pegged to the British pound at a rate of 19.9 kroner to 1 pound.

In 1939, the krone was temporarily pegged to the US dollar, though during the German occupation (1940 – 1945), it was pegged to the German Reichsmark. After the war, a rate of 20 kroner to the pound was established. In 1992, the Central Bank of Norway abandoned the fixed exchange rate, moving the krone to a floating exchange rate.

The substantial variation in the value of the krone each year is largely attributed to changes in oil prices and interest rates. In 2002, it reached a record high against the US dollar and euro, at $1 = 8.98 NOK. At this time, interest rates were increased to 7% and oil prices were high, with Norway being the world’s third-largest oil exporter.

The krone grew even stronger in 2005 when oil prices reached record levels of over 60 dollars per one barrel and even though interest rates decreased to around 2%, the krone grew stronger. Throughout 2007 and 2008, when the US dollar weakened against all major currencies, the krone became stronger. This growth continued until 2019, when $1 was equal to around 9 NOK, before depreciating again due to the Coronavirus pandemic.

Trading GBP/NOK: Pros & Cons

There are a number of advantages and limitations that you will need to consider before jumping into a trade with GBP/NOK:


  • Relatively stable economy – The Norwegian economy enjoys good development and industrial growth, particularly with shipping and exports of natural resources and oil. This attracts foreign investors who seek to invest their capital into healthy economies.
  • Volatility – Cross pairs such as GBP/NOK can offer higher potential returns due to volatility, as traders will look to take advantage of the dramatic price swings. Futures, options, ETFs and other instruments can be used to capitalise on forex volatility.
  • Unique opportunities – Because of its low liquidity, GBP/NOK might offer exposure that you wouldn’t otherwise get with major pairs. For example, a unique political event in Germany or the UK (key trade partners) might threaten trade with Norway, thus affecting the performance of NOK.


  • Trade and diplomatic tensions – Ongoing trade pressures and sensitive diplomatic fallouts between Norway and China have caused uncertainty in the price movement of NOK. Brexit uncertainty will also impact the Norwegian export sector.
  • Oil correlation unclear – Although the price of Brent oil has sometimes been used to explain movements in the krone, recent years have seen otherwise. In fact, the krone now seems to react more strongly to a fall in the price of Brent, rather than a rise. This ambiguity has previously caused confusion in the market.
  • Low liquidity and volume – NOK makes up a smaller share of the market and is thinly traded compared to other major currencies. This means that when risk sentiment is weak, traders will prefer to stay away from NOK. Less liquidity also means a greater risk of slippage but also wider bid/offer spreads.
  • Volatility risk – Whilst volatility offers opportunities to realise profits from sharp pound to NOK price swings, this can also mean a greater risk of loss.

What Factors Affect GBP/NOK?

UK Factors

In the UK, there is more emphasis on the services sector, trade, industry and tourism, than on agriculture. It also has a highly developed social market and is the fifth-largest national economy in the world in terms of Gross Domestic Product (GDP). In 2019, the UK was the fifth-largest exporter and importer in the world.

The services sector contributes around 80% of GDP, particularly the financial services industry, with London being the second-largest financial centre in the world. The aerospace and pharmaceutical industries also play an important role. The UK has been a net importer of North Sea oil and gas since 2005.

When trading GBP/NOK, traders should keep an eye on GDP and general economic growth attributed to any of these industries or sectors. GDP reports are usually quarterly and can give you a good indication of the economy’s overall health.

Information on prices and inflation can be found within the Consumer Price Index (CPI), whilst interest rate decisions are determined by the Bank of England. You can also gauge confidence and sentiment in the market, using national reports and surveys.

One of the largest factors impacting GBP in recent years has been political events, specifically the state of the economy after the Brexit negotiations. General news reports and outlets are ideal for this kind of information.

Norwegian Factors

Overall, Norway has a strong and well-developed economy, with certain parts heavily owned by the state. The export sector is strongly supported by shipping, though the most prominent growth stimulants include natural resources, such as hydroelectric power, fisheries and petroleum.

In fact, oil and energy account for nearly 30% of total government revenue. The majority of petroleum revenue is placed in Norway’s sovereign wealth fund, which is valued at over $800 billion and is the largest such fund in the world. Norway also ranks in the top 10 globally in the exportation of oil and natural gas products.

Norway’s most notable international trade partners are Germany, the UK and Sweden. The value of total exports of goods and services represent 38% of Norway’s annual GDP. Norway also ranks 11th in GDP per capita globally. It is therefore wise to understand economic developments in these nations to gauge any potential swing in GBP/NOK.

Norway also has a very high standard of living and a strong welfare system, in comparison to other European nations. It’s therefore worth looking out for national surveys, reports and statistics relating to the labour market, as well as confidence and sentiment.

How To Day Trade GBP/NOK

Trading this cross pair is not for the faint-hearted, so traders should implement a range of tools and strategies to best understand the behaviour of the GBP to NOK rate. Some of the best platforms to analyse exchange rates on are IG, Oanda and Pepperstone, though it’s worth doing further research to find other suitable options.

Technical Analysis

To start analysing the price of GBP vs NOK, you will need to employ technical analysis strategies using a live chart. Technical analysis allows you to analyse the exchange rate history of GBP/NOK and therefore make a prediction or forecast on the future price movement.

You can find GBP to NOK price history using a standard real-time candlestick graph, which indicates the bullish and bearish trends with opening and closing prices. You can set a number of time intervals to accommodate a short-term or long-term outlook, depending on your strategy.

Once you’ve familiarised yourself with this, you can then apply chart overlay tools such as Fibonacci retracement, trend lines, moving averages and Bollinger Bands. You can find live rates and technical indicators on many platforms, including TradingView, XE and Yahoo Finance.

Fundamental Analysis

Traders should complement their technical strategies with fundamental analysis, which focuses on the overall state of the economy, plus financial, social and political factors that might impact the currency they relate to. As such, fundamental analysts generally take a longer-term view of the markets.

Experts trading GBP/NOK will therefore observe news reports, political events and economic indicators that can suggest a boost or decline in the Norway or UK economy. Most platforms will include an economic calendar where you can keep track of such updates, but it’s also worth following other outlets such as Bloomberg or Reuters.

Automated Trading

Trading robots are another popular tool among day traders and are widely offered on platforms such as MetaTrader 4 and cTrader.

Trading robots use algorithmic technology based on signals, which automatically enter a trade for you and eliminate emotional bias. Some traders also opt for copy-trading signals, which are provided by other traders.

Whilst these can be useful tools for traders of any experience level, they are not always reliable or trusted. Many scams operate in this area, so it’s wise to really consider whether you will benefit and if so, ensure you have properly researched the one you are using.

GBP/NOK Correlation

A correlation between two assets or currency pairs is based on the premise that if one moves up or down, the correlated asset will either directly or inversely move as well. As such, it is possible to encounter both positive and negative correlations in forex.

For example, EUR/USD and GBP/USD usually have a positive correlation because of the close relationship between the euro and the pound (both in terms of their geography, as well as their status as top reserve currencies).

GBP/NOK is positively correlated with USD/SEK (US dollar and Swedish krona) and negatively correlated with EUR/USD (euro vs US dollar). As discussed earlier, the correlation between NOK and oil is no longer a clear enough picture. This highlights the importance of not basing your analysis on just one factor.

Risk Management

Money management techniques should be used throughout your day trading activities, regardless of your experience level or the strategy you are using. Without tools in place to protect your investment, you will have nothing to fall back on if the market moves against you.

Once you fully understand the different types of risks at play when trading GBP to NOK and other instruments, you should then look to utilise a risk calculator to determine key factors such as position size and risk-reward ratio.

Stops and limits are also essential tools that will pull you out of a trade when the market moves against you, or when your trade reaches a desired profit level. Many traders have fallen into the trap of assuming that a previous successful trade will precede a pattern of future gains. This gambling mindset is exactly what risk management tools are designed to protect against.

Session Times

The GBP/NOK pair is likely to be more active and volatile between 08:00 and 16:00 GMT, when the British and European markets are open, with the most volatile day being Wednesday. Traders should also bear in mind the strength of correlated pairs will vary during certain periods of the day.

Note that trading outside of these hours will involve higher spreads or commissions, as brokers will charge more during periods of low liquidity.

Final Word On GBP/NOK

Trading GBP against NOK can present exciting opportunities, though these will not be as straightforward as the likes of EUR/USD and other majors. The low liquidity of the exotic cross, compared to some of its major counterparts, can be risky to the inexperienced trader. The quality of your technical analysis and commitment to keeping on top of economic news will be your key considerations here, alongside solid risk management tools.

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What Is GBP/NOK?

GBP/NOK is the exchange rate quote between the British pound sterling (GBP) and the Norwegian krone (NOK), which defines how many NOK is needed to purchase and convert 1 GBP. NOK is therefore the quote currency and the focus of the buy/sell trading quote. Many online providers today, such as CoinMill and DNB, offer free pound to NOK currency converters.

How Do You Trade GBP/NOK?

To start investing in the GBP v NOK FX rate, traders should find a platform that offers a live price graph. This will allow you to analyse the historical exchange rate of GBP/NOK and forecast any predicted patterns or trends. You can also follow a range of news sources and economic reports that might suggest any longer-term trends.

Should Beginners Trade GBP/NOK?

Due to lower liquidity and volume in the market, the GBP v NOK exchange rate is not as safe to trade as highly liquid pairs such as EUR/USD. If you’re new to trading, you should familiarise yourself with major pairs before moving on to exotics. In any case, make sure to take advantage of any demo accounts offered by your broker.

What Is The Best Time To Trade GBP/NOK?

GBP/NOK is most actively traded when the UK and European markets are open, between 08:00 and 16:00 GMT. Overall, Wednesday is particularly volatile compared to other days of the week and certain correlated pairs will be stronger depending on their respective regions also.

What Affects GBP/NOK?

To understand the economic impacts on the pair, you will need to look out for developments relating to both the UK and Norway. This will include macroeconomic data, trade balances, GDP, political events and the labour market. These will give you a good indication of the general health of the economies and therefore the strength of the currency pair.