ETHMXN Setback Recovery
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GBPMXN CHART PRICE – GBPMXN DAILY
The British pound had a very good reopening as it went up almost 450 pips, now its very close to the resistance at 29.7297 at this point we could either see a breakout or we could see the price starting to decline as the Relative Strength Index is slightly above 70% and we can now consider the pair oversold, the next normal thing to do for the pair would be to start decreasing, we can see that the Bollinger bands are forming a trumpet shape, that is often an indicator of a trend change, the pair could go a bit higher to test the resistance before it starts to move down, I’m going to wait a few hours to see if the price continues to go up and once I see the RSI go below 70% I would place a short trade on GBPMXN.
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.
