Home GBP/USD targets 1.2608 if it break one resistance line “” Confluence Detector
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GBP/USD targets 1.2608 if it break one resistance line “” Confluence Detector

GBP/USD  has been extending its gains as the prospects of a hard Brexit are diminishing. What technical levels does the currency pair face?  

The  Technical Confluences Indicator  is showing that GBP/USD faces fierce resistance at 1.2478, which is the convergence of the Bollinger Band 1h-Middle, the BB 15min-Middle, the previous yearly low, and the Simple Moving Average 5-1h.  

If it breaks higher, the only noteworthy cap is 1.2608, which is the meeting point of the Pivot Point one-week Resistance 1 and the PP 1m-R3.

Immediate support awaits at 1.2460, which is the confluence of the BB one-day Upper, the SMA 100-15m, and the PP 1m-R2.  

Further support awaits at 1.2434, where we see the Fibonacci 38.2% one-day and the BB 1h-Lower converge.

Far lower, GBP/USD has support at 1.2330, where the previous daily low, the SMA 200-1h, and the PP 1w-S1 hit the price.

This is how it looks on the tool:

GBP USD technical confluence September 16 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.

Learn more about Technical Confluence

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