British Pound Possible Breakout

GBPMXN CHART PRICE – GBPMXN DAILY

GBPMXN has reached the resistance at 28.62, the price went all the way up to 28..79 which is way above resistance however it bounced back down and currently trades for 28.52, the price is inside the Ichimoku cloud which is not a very good indicator of a clear trend, but we have seen that the Relative Strength Index started climbing in previous sessions and today it has lost a few points, it went from 57 to 54% which was driven by the drop in price, moving averages indicate an uptrend, and the bollinger bands are wide and opening up, which could mean a change in trend is coming, the price could go anywhere at this point, it could have a return back to support levels or complete the breakout, we would have to wait for the next candle in order to make a trading decision but this is a pair worth having an eye on, there potential for a short or long trade, we just need to wait for a clear signal in order to take action.

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.