December British Pound Futures a Selling Opportunity on More Price Weakness
See on the daily bar chart for the December British pound futures that prices are in a steep three-week-old downtrend and have just hit a six-week low. The bears have gained good downside near-term technical momentum to suggest prices will continue to trend sideways to lower in the near term. A move below chart support at Friday’s low of 1.6796 would become a selling opportunity. The downside price objective would be 1.6575 or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.6900.
