Pound Touches Support Level at 27.7379

GBPMXN CHART PRICE – GBPMXN DAILY

The British Pound has just moved above the resistance level at 27.73 after going all the way down to 27.6899, the price is still trading below the Ichimoku cloud which normally indicates that the trend should continue, at this point we need to wait and see if the price tested the support level or if it can be a breakout, we would need to wait a few hours of monitoring the price to be able to predict its behavior, the next thing it should do is go back up perhaps all the way to its resistance level at 28.62, we see that the bollinger bands are narrow, but this could be attributed to the low volatility since the US and the British markets are closed for the day, during this time of the day we could see volatility in other pairs like JPY or AUD, but not GBPMXN, if the Relative Strength Index continues rising we could expect the price to climb as well, RSI has gone up 2 points above the previous day level.

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.