EURGBP is consolidating but is trading closer to last week’s lows. The short-term outlook remains bullish. The cross has recently traded above 0.8406, the Feb 25 high. This has strengthened the short-term bullish condition and signals scope for a climb towards the next resistance at 0.8478, the Feb 7 high. On the downside, initial firm support is seen at 0.8317, the Mar 9 low. A break would highlight a potential reversal.
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USDCAD sits toward the bottom end of the recent range, but is holding above support at 1.2636, Feb 10 low. While this level holds, a positive outlook remains intact following the recent recovery from 1.2451, Jan 19 low that resulted in a move above the 50-day EMA and a climb through 1.2768, 61.8% of the Dec 20 - Jan 19 sell-off. The focus is on 1.2843, the 76.4% value. On the downside, a sub 1.2636 levels would threaten the bullish theme.
The event can be watched here.
Long weekend ahead: US markets closed for Presidents Day holiday Monday, while US officials are on high alert over Russia positioning for attack on Ukraine.
On/off risk action (more the latter through the US Session) continued Friday.