British Pound Possible Downtrend

GBPMXN CHART PRICE – GBPMXN DAILY

For most of the month of June we have seen GBPMXN trade within the 27.73 and 28.74 range which is more than 1,000 pips, right now the price is at 28.48 and its currently trading inside the Ichimoku Cloud, which can be interpreted as market uncertainty, but looking at the previous behaviour of the price we believe that very soon it will start its decline, we don’t see this pair trading outside these range on the short term, the Bollinger bands are wide and steady, so we can expect price changes when the British and Mexican markets reopen. The moving averages still indicate an uptrend, I see this uptrend lasting a few more hours, maybe days, but once it reaches 28.74 we would predict that it would start dropping. Stay alert on this pair as there might be a good trading opportunity to go short very soon. When the RSI reaches more than 58% then I would check my indicators again and make a trading decision that would very likely be a short trade, once GBPMXN trades at 28.74 or close I see an opportunity to trade.

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.