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 and on Friday closed at a bearish weekly low close. It appears the bulls have become exhausted at higher price levels. See at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has just produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red “trigger” line. A move below chart support at 1.6200 provide the bears with better downside momentum and it would also become a selling opportunity. The downside price objective would be 1.5600, or below. Technical resistance, for which to place a protective buy stop just above, is located at last week’s high of 1.6456.
