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GBP/USD levels to watch as a Brexit deal seems imminent — Confluence Detector

2019-10-16 14:00    FXYEAH

GBP/USD has surged to 1.28 amid reports that the EU and the UK reached a draft deal. What are the next levels to watch_

The Technical Confluences Indicator is showing that the next upside target for GBP/USD is 1.2841, which is the convergence of the Pivot Point one-week Resistance 1 and the Bollinger Band one-hour Upper. 

Further up, cable may hit 1.2902, which is where the Pivot Point one-month Resistance 2 meets the price. 

Support awaits at 1.2729, which is the confluence of the Simple Moving Average 5-4h, the BB 1h-Middle, and the Fibonacci 38.2% one-day. 

The next cushion is close – 1.2702 is the meeting point of the previous weekly high, the SMA 100-15m, and the SMA 200-one-day. 

In case the deal collapses, the next support line is 1.2603, which is where the PP one-month R1 and the previous daily low converge. 

This is how it looks on the tool:

GBP/USD levels to watch as a Brexit deal seems imminent — Confluence Detector Currency News

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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