March British pound futures a selling opportunity on more price weakness.
See on the daily bar chart for the March British pound futures, traded at the Chicago Mercantile Exchange, that prices are in a six-week-old downtrend and have just hit a fresh 2.5-month low. The bears have gained downside technical momentum recently, to suggest prices will continue to trend sideways to lower in the near term. A move below technical support at Thursday’s low of 1.5828 in the March pound futures would become a fresh selling opportunity. The downside price objective would be 1.5550, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1.5950.
