GBP/USD path of least resistance is up after opposition tries to unite — Confluence Detector


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

Share: Feed news

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD climbs to weekly highs, retargets 1.0450

EUR/USD climbs to weekly highs, retargets 1.0450

The selling pressure around the US Dollar now gathers extra steam, allowing EUR/USD to extend its breakout of the 1.0400 barrier and clinch weekly tops around the 1.0440 zone.

EUR/USD News
GBP/USD advances past 1.2500, new multi-day peaks

GBP/USD advances past 1.2500, new multi-day peaks

GBP/USD is gaining further upside momentum, breaking past the key 1.2500 level to reach new multi-day highs in response to increased selling pressure on the Greenback.

GBP/USD News
Gold extends its momentum beyond $2,900

Gold extends its momentum beyond $2,900

Gold prices now extend the recent breakout of the key $2,900 mark per ounce troy on the back of persistent weakness in the US Dollar and diminishing US yields across the curve.

Gold News
Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders remain fearful, here’s why BTC could test all-time high

Bitcoin retail traders and small wallet holders reduce their holdings amidst fear of a steeper correction in the largest cryptocurrency by market capitalization. BTC price consolidates below the $100,000 level on Thursday, erasing less than 2% of its value on the day. 

Read more
Tariffs likely to impart a modest stagflationary hit to the economy this year

Tariffs likely to impart a modest stagflationary hit to the economy this year

The economic policies of the Trump administration are starting to take shape. President Trump has already announced the imposition of tariffs on some of America's trading partners, and we assume there will be more levies, which will be matched by foreign retaliation, in the coming quarters.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025