Sterling Rises as Pound Futures Hit 13-Week High

The British pound (B6Z26) futures market presents a buying opportunity due to increasing pressure on the US dollar. According to Jim Wyckoff, sterling bulls have the technical advantage in the near term.

A look at the daily bar chart for December British pound futures shows that prices are in an uptrend and recently hit a 13-week high. The moving average convergence divergence (MACD) indicator is also in a bullish posture, with the blue MACD line above the red trigger line and both lines trending up.

Fundamentally, the UK's economy is on solid footing, and the Bank of England has maintained its monetary tightness. In contrast, recent downbeat US economic data has put pressure on the US dollar ($DXY).

A move above chart resistance at 1.3568 would be a buying opportunity, with an upside price objective of 1.3900 or higher. Technical support is located at 1.3425.