GBPMXN Breaks Support at 26.67

GBPMXN CHART PRICE – GBPMXN DAILY

The British pound downtrend could continue as the price just broker the support level at 26.67 for a 3rd time in the last 4 days, the bollinger bands are shrinking, which means that the downtrend could come to an end soon, but we do not have solid evidence to support our prediction yet, we would like to wait until the price goes above the 26.67 level, we see the Relative Strength Index at 42% which means that there is still potential for the price to go lower, as this is not the end of the downtrend yet, moving averages coils cross in a few days, once the price starts to recover a bit.

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.