GBP/USD is trading in a range as a new week of trading and Brexit headlines begins. UK GDP stands out on Monday and the pair has room to the upside. 

The Technical Confluences Indicator shows that cable enjoys significant support around 1.2920 where we see a dense cluster including the Fibonacci 38.2% one-month, the Friday's low, the Pivot Point one-day Support 1, the Fibonacci 23.6% one-week, and the Bollinger Band 1h-Lower.

The next support line is quite close. At 1.2895 we note the convergence of the Pivot Point one-day Support 2, the Simple Moving Average 100 one-day, and the SMA 200-4h. 

Resistance is weaker than support and found at 1.2970. It is the convergence of the SMA 5-1d, the BB 1h-Upper, and the PP one-day R1. 

The next significant juncture of resistance lines is at 1.3030 where we see the SMA 200-1d, the SMA 100-4h, and the Fibonacci 23.6% one-month converge.

This is how it looks on the tool:

GBP USD confluence analysis February 11 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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex Analysis

Editors’ Picks

EUR/USD grinds higher, holding close to 1.1200

As the Fed's decision approaches, the greenback comes under pressure, although the EUR is among the weakest, unable to lift its head after Draghi's dovish words on Tuesday. The Fed's dot-plot and the wording of the statement will seal the dollar's destiny.

EUR/USD News

GBP/USD extends gains above 1.2600, dollar weaker as Fed looms

The American currency eases ahead of the US Federal Reserve announcement, and despite UK inflation failed to impress. Tories will have another ballot today to keep reducing the list of candidates for PM.

GBP/USD News

USD/JPY extends consolidation below 108.50 as markets pause ahead of Fed announcements

For the third straight day this week, the USD/JPY pair is fluctuating in a tight range as investors are eagerly waiting for the FOMC to announce its policy decision and release its updated economic projections.

USD/JPY News

FOMC Preview: to be or not to be 'patient'

That concerns about a global economic slowdown had made policymakers worldwide take a dovish shift is no news. Neither is that the financial market has already priced in at least one rate cut in the US for this year.

FED news

Gold struggles to build on Tuesday's gains, sits above $1340

The troy ounce of the precious metal gained $15 on Tuesday as investors saw gold as a better investment alternative to major currencies amid the dovish shifts seen in central banks' tone.

Gold News

Majors

Cryptocurrencies

Signatures