GBP/USD has kicked off the week on the back foot after the UK parliament forced the UK government to ask for a Brexit extension. The battle in parliament continues today. How is cable positioned? The Technical Confluences Indicator is showing that GBP/USD now faces an uphill battle. It faces robust resistance at 1.2902, which is the convergence of the Fibonacci 61.8% one-day, the Simple Moving Average 10-4h, the Bollinger Band 15-minutes Lower, and the previous 4h-low. An even more considerable hurdle awaits at 1.2935, which is the meeting point of the BB one-day Upper, and the Fibonacci 38.2% one-day. Looking down, GBP/USD has significant support at 1.2880, which is the confluence of the SMA 50-1h, the Fibonacci 23.6% one-week, and the Pivot Point one-day Support 1. If it loses that line, only weak support awaits at 1.2815, which is where the Fibonacci 38.2% one-week and the SMA 100-1h converge. All in all, the path of least resistance is down. 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 GBP Futures: upside momentum could take a breather FX Street 3 years GBP/USD has kicked off the week on the back foot after the UK parliament forced the UK government to ask for a Brexit extension. The battle in parliament continues today. How is cable positioned? The Technical Confluences Indicator is showing that GBP/USD now faces an uphill battle. It faces robust resistance at 1.2902, which is the convergence of the Fibonacci 61.8% one-day, the Simple Moving Average 10-4h, the Bollinger Band 15-minutes Lower, and the previous 4h-low. An even more considerable hurdle awaits at 1.2935, which is the meeting point of the BB one-day Upper, and the Fibonacci 38.2% one-day.… 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.
