The British Pound

The pound has remained in a sideways band and is trading near the low of the decline. Our Weekly Bearish Reversals were 13540, 13507, 13340, and 13044.  After that, we have reversals in the 128-127 level, 125, and 120. We have elected the first three closing Friday at 132.75. Technically, we have support down below 130 for now. The pound should continue to press a bit lower this month.

Meanwhile, Germany proposes to allow Brits who want to leave the UK EU passports. This is one way Britain can reduce those who really think living in a non-democratic environment is preferred.