September British pound futures a selling opportunity on more price weakness.
See on the daily bar chart the September British pound futures that prices have sold off sharply recently and are now in a downtrend, including hitting a six-week low this week. Near-term chart damage has been inflicted and the pound bears have downside technical momentum. A move in prices below chart support at this week’s low of 1.6680 would become a selling opportunity. The downside price objective would be 1.6400, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.6800.
