Ethereum Breaks Resistance at 242.85
July 8, 2020
BTC Could Fall to Support Level
July 9, 2020
GBPMXN CHART PRICE – GBPMXN DAILY
After the GBPMXN tested its resistance the day before yesterday, it started to lose ground, yesterday it was trading below the resistance level and today it has gained a few pips but is still below this this level which indicates that it could bounce back down if the RSI levels continue to drop, the price is trading inside the Ichimoku cloud, the bollinger bands are narrow and the moving averages indicate a downtrend, I believe that the conditions are met in order to place a short trade, expecting the price to fall to its support level at 27.73 in the next few days, the quote has been trading in this range since June 9th we are able to identify a channel that has proven to be very strong, the next natural thing to do for the price is to start coming back down, I would set the TP at 27.9150 since this is almost 80% of the difference between the support and the resistance.
This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.
