Mexican Peso Gains Strength Against GBP

GBPMXN PRICE CHART – GBPMXN DAILY

In today’s trading session the pair lost 2.7% which is a considerable amount for one trading day, there is a support level at 27.73 which is not far from current trading price, it could hit this level and bounce back or confirm a breakout so we can make a trading decision for next week, I would monitor the price on the reopening of the session on Sunday and only then place a trade, we anticipated that the price would hit the resistance at 28.62, there was no breakout of that resistance and the price sinked to the support level, if it hits the support level we can expect the price to go back up to the 28.62 levels, although the bollinger bands are getting narrow we could expect a gap during the weekend, price is about to trade below the Ichimoku cloud which could mean that a downtrend could begin, hence we would wait until sunday to make a trading decision.

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.