GBPMXN Tests the Support Level  

GBPMXN CHART PRICE – GBPMXN DAILY

The british pound entered an oversold status, which prevented the price from going consolidating below its support level at 27.08, for a moment the price broke the support but it then came back to close the day with a gain for the first time in 2 weeks, the relative strength index is still considered oversold, currently at 29%, the markets are driving the price up finally, we could expect the price to start an uptrend soon but it will depend on the fundamental factors that are affecting the pound, we see that the price traded below the lower bollinger band, now the price trades back inside the bands and they are opening up widely confirming a consolidation of a new trend, we could expect the price to start gaining momentum based on a technical perspective, however we strongly suggest traders to also consider the fundamental factors related to Brexit.

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.