March British pound futures a selling opportunity on more price weakness.
See on the daily bar chart for the March British pound futures that prices have backed down from the recent high, including negating a price uptrend line. The specter of a bearish double-top reversal pattern is now possible. See, too, that the Moving Average Convergence Divergence (MACD) indicator has recently produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red “trigger” line. The British pound bears have gained downside technical momentum and would gain more by pushing prices below solid technical support at the 1.6000 level. That would also become a selling opportunity. The downside price objective would be 1.5300, or below. Technical resistance, for which to place a protective buy stop just above, is located at the recent high of 1.6230.
