GBPMXN Possible Trend Change

GBPMXN CHART PRICE – GBPMXN DAILY

The British pound has been on a downtrend for 5 days, on the second trading day of the week it looks like it might start a reversal after the price broke the support at 28.458, the pair currently trades at 23.43, just below this now resistance level, it started with small gains and since the relative strength index is at 40% we could see a trend change, the bollinger bands are opening up very wide, suggesting a trend change, the price trades inside the ichimoku cloud which can be seen as uncertainty, I would wait for stronger signals before going long on this pair, keep an eye on the RSI level as there could be potential for a good trade in the next few hours, the moving averages are spreading again preventing a potential cross.

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.