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GBP/USD  has been on the rise after opposition parties agreed on a path forward in the attempt to block a no-deal Brexit. With 64 days to go, uncertainty remains high.

The  Technical Confluences Indicator  is showing that GBP/USD enjoys significant support around 1.2258, where a cluster of levels awaits it. This includes the Simple Moving Average 200-15m, the Fibonacci 23.6% one-month, the SMA 10-4h, the SMA 200-4h, the Fibonacci 38.2% one-day, the Bollinger Band 15min-Lower, and more.

Further down, even stronger support awaits at 1.2214, which is the convergence of the previous daily low and the all-important Fibonacci 38.2% one-week.

Looking up, only weak resistance is seen at 1.2290, where the Fibonacci 23.6% one-day, the previous 4h-high, and the previous daily high converge.  

More substantial resistance awaits only at 1.2329, which is the confluence of the Pivot Point one-day Resistance 1 and the Fibonacci 38.2% one-month.

This is how it looks on the tool:

GBP USD August 28 2019 technical confluence

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