GBP/USD will find it hard to stage a serious recovery above $1.3600 — Confluence Detector

Yohay Elam FXStreet

The Technical Confluences Indicator shows that after the recent fall, the GBP/USD will find it hard to recover above $1.3605. This is the convergence of several lines: the Bolinger Band 15m-Middle, the Simple Moving Average-5-1hv, the SMA-5-4h, the Fibonacci 38.2% one-day, the SMA10-15m, the Bolinger Band 1h-Middle, and the SMA-5-15m.

The pair may find a more accessible path to the downside. A significant cluster of support awaits at $1.3530, the congestion of the Bolinger Band one-hour Lower, the Pivot Point one-day S1, and the Pivot Point one-month S1.

If the pair does enjoy a meaningful recovery, the $1.3750 level is a confluence of potent levels: the one-month low, the one-week low, the Pivot Point one-day R3, and the Fibonacci 161.8% one-day.

Here 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

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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