GBP/USD jumps on reports that Brexit will be delayed – levels
Forex News Today: Daily Trading News

GBP/USD jumps on reports that Brexit will be delayed – levels

GBP/USD  hit a four-week high on reports that PM Theresa May is set to propose a delay of Brexit. What’s next for cable?

The  Technical Confluences Indicator  shows that pound/dollar faces some resistance at  1.3153  which is where the previous 4h-high and the Pivot Point one-day Resistance 2 converge.

Yet this is not a significant cap, and the upside target is  1.3215  which is the previous month’s high.

Support is quite close, at  1.3131  where we see the confluence of the Bollinger Band 4h-Upper, the BB 15min-Lower, the PP one-day R1, the SMA 50-15m, and more.

Further considerable support awaits at  1.3090  where the Fibonacci 38.2$ one-day and the Simple Moving Average 10-4h meet.

This is how it looks on the tool:

GBP USD technical analysis confluence February 26 2019

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.

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.