September British pound futures a selling opportunity on more price weakness.
See on the daily bar chart for the September British pound futures that bulls have faded recently, including pushing prices below a downtrend line. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has recently produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red “trigger” line of the indicator. A move in prices below chart support at 1.6700 would become a selling opportunity. The downside price objective would be 1.6300 or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.6885.
