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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    XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.

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    Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.

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    FXCC's key selling point is its forex trading conditions. ECN spreads come in as low as 0.0 pips during peak trading hours, while it supports a wider range of currency pairs than the majority of rivals with over 70 forex assets. Additionally, you have access to MT4, which was built specifically for forex trading and excels for its charting tools.

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    Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

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    IBKR presents an extensive range of over 100 major, minor, and exotic forex pairs, surpassing the offerings of nearly all leading alternatives, though not CMC Markets. Forex trading occurs over multiple platforms and boasts institutional-grade spreads starting from 0.1 pips and 20 complex order types, including brackets, scale, and one-cancels-all (OCA) orders.

  6. XM

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    XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

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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 an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.

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    FxPro offers 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, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

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    Plus500 provides forex trading through CFDs, featuring narrow spreads across an impressive selection of over 60 currency pairs. During testing, spreads came in as tight as 0.6 pips on the EUR/USD, which is notably lower than many alternatives.

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    Markets.com offers 43 major, minor and exotic currency pairs. The range is around the industry average, though spreads are fairly competitive, starting from 0.6 pips for EUR/USD. There’s also an excellent range of tools and education, including forex calculators and trading videos.

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    NinjaTraders supports the trading of popular currencies including the EUR/USD. The software also offers advanced features to streamline the trading experience, including complex order types like market if touched (MIT) and one cancels other (OCO).

  13. Axi

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    Axi continues to offer a strong selection of 70+ currency pairs - more than many top brokers including award-winner AvaTrade, with only 50+. There are no restrictions on trading strategies including algo trading and scalping, which will serve both short-term and long-term traders.

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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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    IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

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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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    FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

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    PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.

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    An above-average selection of 55 currencies are available with reasonable spreads averaging 0.9 pips on EUR/USD during peak hours. Aspiring traders can continuously hone their forex strategies by switching between demo mode and their live account any time, with full access to the broker's 100+ technical indicators.

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    DNA Markets continues to deliver an excellent environment for forex traders with 40+ currency pairs and low spreads from 0.0 pips on the EUR/USD during tests. The MetaTrader 4 platform, available on desktop, web and mobile, was also designed specifically for forex trading.

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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 and competitive spreads through the ECN model. 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 raw spreads on the MT5 platform. There are also no restrictions on short-term trading strategies, including hedging, scalping and the use of Expert Advisors (EAs).

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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 a decent range of 50+ forex pairs with raw spreads from 0.0 pips. Very high leverage up to 1:1000 and commission-free forex trading is available. With that said, the broker is not particularly transparent when it comes to 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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    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 45+ forex pairs. CFD spreads start from 0.3 pips and binary options payouts are decent up to 95%. This is competitive compared to Pocket Option, for example, offering forex payouts up to only 81%.

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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 40+ major, minor and exotic currency pairs. Although the range is average, experienced traders can access very high leverage up to 1:2000. Additionally, the broker’s proprietary terminal delivers advanced analysis tools, including a live forex heatmap.

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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 an average selection of 40+ forex pairs with up to 1:500 leverage. Forex spreads in the ECN account are highly competitive, starting from 0.0 pips, although the 1.2-pip minimum quotes in the Standard account are a little higher than the likes of Pepperstone or IC Markets.

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    Binary and OTC options can be purchased on 40+ currency pairs, with 55+ currency pairs available if you deposit $1000. Typical payouts are reasonable at 81% and the $1 minimum trade makes the broker accessible to new forex traders. There is also access to the MT4 and MT5 platforms for experienced forex traders.

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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 trading strategies.

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    ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs. Trading takes place on the leading MT4 and MT5 platforms, which offer dozens of in-built technical tools for short-term forex strategies.

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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's strongest offering is its 60+ currency pairs, which can be traded with very high leverage up to 1:500. The broker also offers competitive forex spreads starting from 0.4 pips and charges no commission. Additionally, traders have access to MetaTrader 4, which was built for forex trading and offers excellent support for technical analysis and algo trading.

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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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    M4Markets offers 45+ currencies with zero pip spreads. The low latency and 30-millisecond execution speeds makes the broker a decent choice for forex traders. Additionally, there are no restrictions on trading strategies, including scalping.

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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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    I’m happy with Tradeview’s strong range of 60+ currency pairs spanning majors, minors and exotics with competitive spreads from 0 pips in the $1000 ILC account. Traders can choose from several platforms, but I was particularly impressed with the feature-rich Currenex platform which is designed specifically for currency trading.

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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 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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    RoboForex offers trading on 30+ currency pairs, trailing category leaders like Pepperstone with its 90+ forex assets. That said, the Prime and ECN accounts feature competitive average spreads of 0.1 pips on the EUR/USD. Additionally, with a minimum investment of $100, traders can utilize the CopyFX system to replicate the strategies of seasoned currency traders.

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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 provides a comprehensive selection of around 60 currency pairs, from majors like GBP/USD to exotics like CHF/PLN. Forex trading fees are competitive, averaging 0.9 pips on EUR/USD during testing, while MetaTrader 4, available on desktop, web and mobile, was built specifically for trading currencies online.

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    You can go long or short on over 50 forex pairs from majors to exotics, with competitive spreads as low as 0.1 pips. The broker offers the leading charting software, MetaTrader 4, which delivers a host of advanced features, including 9 timeframes and over 30 indicators.

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    FXDD continues to offer a leading selection of 90+ currency pairs with ECN pricing. Spreads are decent, coming in at 0.4 pips for EUR/USD during testing. That said, these quotes aren’t as narrow as top competitors like Pepperstone.

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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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    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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    Trade 50+ forex pairs via the MetaTrader 4 and MetaTrader 5 platforms with leverage up to 1:500, immediate execution, deep liquidity and tight spreads.

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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 stands out as an excellent option for forex traders, boasting a selection of over 70 currency pairs covering a wide range of currencies, especially since expanding its choice of exotics. With average spreads of just 0.1 on the EUR/USD in its Raw account, the broker provides competitive pricing for traders.

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    IronFX continues to offer a strong selection of 80 currency pairs. You can trade through the market-leading MT4 platform with a range of forex market research tools. That said, commission charges in the zero-spread accounts are high, starting from $13.50 per lot.

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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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    NordFX offers a modest range of 33 major and minor forex pairs. Disappointingly, there are no exotic pairs, though traders do benefit from tight spreads from 0.0 pips and low commissions from 0.0035% per side.

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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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    Hantec Markets offers a limited range of 30+ forex pairs – less than most top brands, including Pepperstone with 100+. That said, market execution is rapid based on tests, and spreads are competitive starting at just 0.2 pips. This, combined with access to the popular MT4 platform with 30+ technical indicators, ensures a relatively complete trading experience for short-term currency traders.

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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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    Tier 1 liquidity on an impressive range of 189 currency pairs and spot metals, plus 130 forwards, from 0.4 pips.

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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 currency pairs, which is around the industry average. Forex traders can benefit from tight 0.0-pip spreads for EUR/USD during peak market hours. Additionally, the ThinkTrader proprietary platform offers an impressive 125+ technical indicators - ideal for complex forex strategies.

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    CMC presents an extensive array of 300+ forex pairs characterized by tight spreads and rapid executions, surpassing the offerings of many competitors in terms of currency diversity. Forex indices also present a fairly unique and holistic way to speculate on the value of key currencies like the USD, EUR and GBP.

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    FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.

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    Trade FX pairs with tight spreads & leverage.

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    easyMarkets continues to offer 60+ forex pairs including majors, minors and a selection of exotics, with fixed spreads from 1.8 pips or variable spreads from 0.8 pips. FX traders can access advanced trading software in MetaTrader, as well as very high leverage up to 1:2000.

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    Fusion Markets offers an excellent selection of 90+ currency pairs, providing a range of short-term trading opportunities. It continues to excel for its ultra-tight spreads from 0.0 pips and exceptionally low commissions of $2.25 per side. You also get access to leading forex software in MetaTrader 4.

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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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    FXCM offers an average range of 40+ currency pairs, although there are no commissions and spreads are competitive from 0.78 pips for EUR/USD. The broker also offers 3 forex baskets covering USD, Yen and emerging markets benchmarks.

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    InstaForex's range of 100+ currency pairs is among the largest we have seen. ECN spreads are also available from 0.0 pips with zero commissions. Minimum deposits start from $1 making the broker accessible for beginners. You can also access market-leading forex analysis and insights.

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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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    Capital.com offer a long list of forex CFD pairs for trading. All have competitive spreads. The firm also ensures negative balance protection

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    Trade over 180 major, minor, and exotic forex pairs on the Trading 212 platform, featuring floating spreads and leverage up to 1:30. It’s important to note, though, that the forex broker has a history of adjusting margin requirements without providing adequate notice. As a result, CMC Markets is a better pick for forex traders with more currency pairs and a cleaner record.

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:

Pros

  • 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.

Cons

  • 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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FAQ

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.