On the road between Byrkjelo and Olden there's a place which offers great views of the Nordfjord. It is not an equipped observation deck, but just a small parking lot. The place is quite deserted, but there's the Karistova hotel in 500 meters.
Getting there: The observation deck is located on the road #60, 30 km from Olden. You can get there by bus, which runs between Byrkjelo and Olden/Stryn, the schedule is here. The nearest cities which can be reached from Oslo and Bergen by express buses are Nordfjordeid and Stryn, the schedule is here.