GBPMXN Finds a Strong Resistance

GBPMXN CHART PRICE – GBPMXN DAILY

The british pound has found a resistance that seems hard to break at 29.38, in yesterday’s session the price reached it and was unable to have a breakout, then the price went down and is now trying to recover, the relative strength index fell 3%, we would need a confirmation but it seems like there could be a downtrend coming in the short term, we see the bollinger bands getting narrow and that’s an indicator of a trend change, the moving averages are also getting close to each other and there could be a cross in a few days, we found a support level at 28.68, we do not see the price dropping as low as the support soon, but it’s worth taking a look and see the potential in this 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.