GBPMXN Continues Uptrend After Setback

GBPMXN CHART PRICE – GBPMXN DAILY

The pound regained ground on the reopening of the session, after the mexican central bank lowered interest rates the mexican peso gained strength for one trading session but was unable to keep those gains over the pound, we see that the price is back at the 28.46 levels where we find a resistance on our fibonacci retracement, this level is key, if there is breakout we anticipate the price to reach the 29 levels very soon, however it can find that resistance hard to beat, the Relative strength index is at 54% and there is a lot of potential for a long trade, however I need to wait for the price to either break the resistance or bounce down to the 28.13 support, the bollinger bands are wide and we can expect high volatility in the next hours.

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.