GBPMXN Tests Support Level

GBPMXN CHART PRICE – GBPMXN DAILY

After closing with losses for 2 days it looks like the pound is taking a breath, the price was able to find a support at 28.13, which was actually broken at some point of the previous trading session however it was not confirmed and the price bounced, currently at a 28.17 we see that the relative strength index dropped significantly with those losing sessions, right now we have a 49% on the RSI, the bollinger bands look wide and we can expect volatility for this pair, if the price is able to close the session above the support level we could see the price recover over the weekend but its hard to say, previously all indicators were pointing at an uptrend but the market anticipated to the overbought status and started closing long positions, we would need to wait a few hours before being able to make a prediction, but keep a close look at this pair, we could confirm an uptrend in the upcoming days.

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.