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 on Friday fell to a four-week low. An uptrend line on the daily chart has been negated and a fledgling downtrend line is now in place. The bears have gained downside near-term technical momentum. A move below chart support at 1.6300 would provide the bears with fresh near-term technical momentum and it would also become a selling opportunity. The downside price objective would be 1.6000, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.6425.
