GBP/USD is trading below 1.29 as traders await the next opinion polls ahead of the UK elections. Can cable recover? It faces substantial resistance. The Technical Confluences Indicator is showing that GBP/USD faces fierce resistance at 1.2885, which is the convergence of the Fibonacci 61.8% one-day, the Bollinger Band one-day Middle, the Fibonacci 38.2% one-week, and the Simple Moving Average 100-1h. Further up, the upside target is at 1.2945, which is the confluence of the Pivot Point one-week Resistance 1 and the PP 1d-R2. Support awaits at 1.2825, which is the meeting point of the Fibonacci 23.6% one-month and the previous weekly low. Further down, sterling may target 1.2718, which is where the Pivot Point one-week Support 2 meets the price. 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 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD remains depressed below 0.6800 handle, focus shifts to US macro data FX Street 3 years GBP/USD is trading below 1.29 as traders await the next opinion polls ahead of the UK elections. Can cable recover? It faces substantial resistance. The Technical Confluences Indicator is showing that GBP/USD faces fierce resistance at 1.2885, which is the convergence of the Fibonacci 61.8% one-day, the Bollinger Band one-day Middle, the Fibonacci 38.2% one-week, and the Simple Moving Average 100-1h. Further up, the upside target is at 1.2945, which is the confluence of the Pivot Point one-week Resistance 1 and the PP 1d-R2. Support awaits at 1.2825, which is the meeting point of the Fibonacci 23.6%… 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.
