June British pound futures a selling opportunity on more price weakness.
See on the daily bar chart for the June British pound futures, traded at the Chicago Mercantile Exchange, that prices are in a two-month-old downtrend and have just hit a fresh contract low. The bears are in firm technical command. History shows that price trends in the currency markets can be stronger and longer-lasting than price trends in other markets. A move below chart support at Monday morning’s low of 1.4857 would become a fresh selling opportunity. The downside price objective would be 1.4300, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.5100.
