The GBP/USD is consolidating the losses from the US Dollar storm last week. A new week begins with the UK budget standing out. The pair is trading The Technical Confluences Indicator shows that the GBP-USD faces resistance around 1.2855, which is the convergence of the Fibonacci 23.6% one’week, the Bollinger Band one-hour Upper, and the Pivot Point one-day Resistance 1. The bottom end of the range is 1.2821 where we see the confluence of the Fibonacci 38.2% one-day, the Simple Moving Average 10-4h, the SMA 100-15m, the Bollinger Band 1h-Middle, and the Fibonacci 23.6% one-day. Looking beyond this narrow range, substantial resistance awaits at 1.2900 where the Fibonacci 38.2% one-week coincides with the SMA 100-1h and the SMA 5-one day. Lower support awaits at 1.2780 which is the previous day’s low and the Pivot Point one-month Support 1. The path of least resistance is to the downside. This is how it looks on the tool: Confluence Detector The Confluence Detector finds exciting opportunities using Technical Confluences. The TC is a tool to locate and point out those price levels where there is a congestion of indicators, moving averages, Fibonacci levels, Pivot Points, etc. Knowing where these congestion points are located is very useful for the trader, and can be used as a basis for different strategies. This tool assigns a certain amount of “weight” to each indicator, and this “weight” can influence adjacents price levels. This means that one price level without any indicator or moving average but under the influence of two “strongly weighted” levels accumulate more resistance than their neighbors. In these cases, the tool signals resistance in apparently empty areas. Learn more about Technical Confluence Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Daily Look share Read Next USD/JPY potential visit to 111.20 still on the cards – UOB FX Street 4 years The GBP/USD is consolidating the losses from the US Dollar storm last week. A new week begins with the UK budget standing out. The pair is trading The Technical Confluences Indicator shows that the GBP-USD faces resistance around 1.2855, which is the convergence of the Fibonacci 23.6% one'week, the Bollinger Band one-hour Upper, and the Pivot Point one-day Resistance 1. The bottom end of the range is 1.2821 where we see the confluence of the Fibonacci 38.2% one-day, the Simple Moving Average 10-4h, the SMA 100-15m, the Bollinger Band 1h-Middle, and the Fibonacci 23.6% one-day. Looking beyond this narrow range,… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
