GBPMXN Closer to support level at 28.64

GBPMXN CHART PRICE – GBPMXN DAILY

The British pound has been losing ground today, on fridays session it lost 290 pips and today it continues to lose ground to the mexican peso, currently trading at 28.70, the Relative Strength Index has been falling from 54% and currently it is at 46%, the bollinger bands are closing up, but we can still expect high volatility since they are wide, the price is getting closer to the Ichimoku cloud which indicates that a downtrend could continue, the moving averages are wide and do not follow what other indicators tell us which is normal since we use 20 and 40 periods for our short and long term moving averages, if the price breaks the support level at 28.64 we could expect the price to continue its downtrend in the next few days, right now is very close to it and we need to keep an eye on this pair to capitalize on this opportunity.

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.