GBP/MXN - 1H - Technical analysis published on 02/13/2020 (GMT)
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- Timeframe : 1H
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Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Strongly bullish
Technical indicators
89%
0%
11%
My opinion
Bullish above 24.2445 MXN
My targets
24.3874 MXN (+0.0532)
24.4883 MXN (+0.1541)
My analysis
GBP/MXN is part of a very strong bullish trend. Traders may consider trading only long positions (at the time of purchase) as long as the price remains well above 24.2445 MXN. The next resistance located at 24.3874 MXN is the next bullish objective to be reached. A bullish break in this resistance would boost the bullish momentum. The bullish movement could then continue towards the next resistance located at 24.4883 MXN. After this resistance, buyers could then target 24.6189 MXN. With the current pattern, you will need to monitor for possible bullish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bullish trend. Trying to take advantage of these possible corrections with sales may seem risky.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
FORCE
0
10
8.2
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The GBP/MXN price is 24.3342 MXN. On the day, this instrument gained +0.72% with the lowest point at 24.1335 MXN and the highest point at 24.3773 MXN. The deviation from the price is +0.83% for the low point and -0.18% for the high point.24.1335
24.3773
24.3342
The Central Gaps scanner detects a bearish opening. A small advantage for sellers in the very short term.
Bearish opening
Type : Bearish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
Technical
A technical analysis in 1H of this GBP/MXN chart shows a strongly bullish trend. 85.71% of the signals given by moving averages are bullish. The overall trend is supported by the strong bullish signals from short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
Technical indicators are strongly bullish, suggesting that the price increase should continue.
But beware of excesses. The Central Indicators scanner currently detects this:
RSI indicator is overbought : over 70
Type : Neutral
Timeframe : 1 hour
CCI indicator is overbought : over 100
Type : Neutral
Timeframe : 1 hour
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 3
Type : Neutral
Timeframe : 1 hour
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified this signal:
Horizontal support is broken
Type : Bearish
Timeframe : 1 hour
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 24.1314 | 24.1701 | 24.2445 | 24.3342 | 24.3552 | 24.3874 | 24.4883 |
| Change (%) | -0.83% | -0.67% | -0.37% | - | +0.09% | +0.22% | +0.63% |
| Change | -0.2028 | -0.1641 | -0.0897 | - | +0.0210 | +0.0532 | +0.1541 |
| Level | Intermediate | Minor | Intermediate | - | Intermediate | Major | Minor |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 24.0127 | 24.0654 | 24.1124 | 24.1651 | 24.2121 | 24.2648 | 24.3118 |
| Camarilla | 24.1321 | 24.1412 | 24.1504 | 24.1595 | 24.1686 | 24.1778 | 24.1869 |
| Woodie | 24.0100 | 24.0640 | 24.1097 | 24.1637 | 24.2094 | 24.2634 | 24.3091 |
| Fibonacci | 24.0654 | 24.1035 | 24.1270 | 24.1651 | 24.2032 | 24.2267 | 24.2648 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 23.0375 | 23.5561 | 23.8655 | 24.3841 | 24.6935 | 25.2121 | 25.5215 |
| Camarilla | 23.9473 | 24.0232 | 24.0991 | 24.1750 | 24.2509 | 24.3268 | 24.4027 |
| Woodie | 22.9330 | 23.5038 | 23.7610 | 24.3318 | 24.5890 | 25.1598 | 25.4170 |
| Fibonacci | 23.5561 | 23.8724 | 24.0678 | 24.3841 | 24.7004 | 24.8958 | 25.2121 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 23.4158 | 23.8080 | 24.3448 | 24.7370 | 25.2738 | 25.6660 | 26.2028 |
| Camarilla | 24.6262 | 24.7114 | 24.7965 | 24.8817 | 24.9669 | 25.0520 | 25.1372 |
| Woodie | 23.4882 | 23.8442 | 24.4172 | 24.7732 | 25.3462 | 25.7022 | 26.2752 |
| Fibonacci | 23.8080 | 24.1628 | 24.3821 | 24.7370 | 25.0919 | 25.3111 | 25.6660 |
Numerical data
The following is the status of the technical indicators and moving averages at the time of publication of this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 71.36 | |
| MACD (12,26,9): | 0.0415 | |
| Directional Movement: | 15.7101 | |
| AROON (14): | 92.8571 | |
| DEMA (21): | 24.2828 | |
| Parabolic SAR (0,02-0,02-0,2): | 24.2467 | |
| Elder Ray (13): | 0.0677 | |
| Super Trend (3,10): | 24.1874 | |
| Zig ZAG (10): | 24.3319 | |
| VORTEX (21): | 1.2035 | |
| Stochastique (14,3,5): | 89.41 | |
| TEMA (21): | 24.3169 | |
| Williams %R (14): | -15.75 | |
| Chande Momentum Oscillator (20): | 0.1830 | |
| Repulse (5,40,3): | 0.2840 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0139 | |
| Courbe Coppock: | 1.15 |
| MA7: | 24.1853 | |
| MA20: | 24.3897 | |
| MA50: | 24.6597 | |
| MA100: | 24.6839 | |
| MAexp7: | 24.2953 | |
| MAexp20: | 24.2359 | |
| MAexp50: | 24.2010 | |
| MAexp100: | 24.2017 | |
| Price / MA7: | +0.62% | |
| Price / MA20: | -0.23% | |
| Price / MA50: | -1.32% | |
| Price / MA100: | -1.42% | |
| Price / MAexp7: | +0.16% | |
| Price / MAexp20: | +0.41% | |
| Price / MAexp50: | +0.55% | |
| Price / MAexp100: | +0.55% |
This member declared not having a position on this financial instrument or a related financial instrument.
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