September British pound futures a buying opportunity on more price strength.
See on the daily bar chart for the September British pound futures that prices have made a solid rebound from the July low, to negate a near-term downtrend. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has just produced a bullish line crossover signal, whereby the thick blue MACD line crossed above the thin red “trigger” line. The British pound bulls have gained upside near-term technical momentum recently and would gain more by pushing prices above chart resistance at this week’s high of 1.5262. That would also become a buying opportunity. The upside price objective would be 1.5750, or above. Technical support, for which to place a protective sell stop just below, is located at 1.5000.
