FXStreet – The Foreign Exchange Market

The failure of the GBP/USD to break to higher ground opens the door to the downside on the day of the big Brexit debate in the House of Commons, the Trump-Kim Summit, the UK jobs report, and the US inflation data.

The Technical Confluences Indicator shows that the pair faces an initial hurdle around 1.3371 which is the convergence of the Simple Moving Average 5-15m, the SMA 10-1h, the Fibonacci 23.6% one-day, the Bolinger Band 15m-Upper, the SMA 50-15m, and the SMA 200-1h.

Next up, the 1.3406 is the confluence of the potent SMA 5-1d, the Fibonacci 61.8% one-day, and the Fibonacci 38.2% one-week, the SMA 50-1h, and the Bolinger Band one-hour Upper.

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