GBPMXN Possible Trend Change

GBPMXN CHART PRICE – GBPMXN DAILY

The pound had its worst days since June 12th against the mexican peso, the pound lost 1.85% in a single session and it broke the support at 28.13, now we see a slight recovery with high potential since the relative strength index almost entered an oversold status, it closed the session at a 31%, on the new trading day it has manage to get 0.24% back and gain some strength, current RSI is at 33%, we see this as an opportunity to go long and there is high potential for a recovery in the short term, the bollinger bands are very wide meaning a high volatility and a potential trend change can be expected, the moving averages finally crossed, indicating a downtrend, but since this is a lagging indicator we see the price moving up very soon.

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.