LOOK AHEAD: Wednesday Data Calendar: ADP, ISM Fed Speak, SCOTUS Oral Arguments

• RES 4: 1.3868 High Jan 27 and the bull trigger    
• RES 3: 1.3814 High Jan 30
• RES 2: 1.3733 High Feb 4  
• RES 1: 1.3575/3712 High Feb 26 / High Feb 11
• PRICE: 1.3463 @ 17:47 GMT Feb 27
• SUP 1: 1.3434 Low Feb 19
• SUP 2: 1.3402 Low Jan 22
• SUP 3: 1.3331 Low Jan 19 and a key support
• SUP 4: 1.3288 Low Dec 9 ‘25   

The current short-term trend condition in GBPUSD remains bearish and last Thursday’s sell-off reinforces this theme. Sights are on 1.3439 (pierced), the 50.0% retracement of the Nov 4 ‘25 - Jan 27 bull cycle. A clear break of this price point would open 1.3331, the Jan 19 low and a key support. Note that resistance at 1.3554, the 20-day EMA, has been pierced. A clear breach of this average would be a possible early reversal signal.

• RES 4: 1.2081 High Jan 27 and key resistance   
• RES 3: 1.2007 76.4% retracement of the Jan 27 - Feb 6 bear leg 
• RES 2: 1.1961 61.8% retracement of the Jan 27 - Feb 6 bear leg 
• RES 1: 1.1857/1929 High Feb 18 / 10
• PRICE: 1.1819 @ 17:28 GMT Feb 27
• SUP 1: 1.1742 Low Feb 19
• SUP 2: 1.1693 76.4% retracement of the Jan 19 - 27 bull leg
• SUP 3: 1.1670 Low Jan 22
• SUP 4: 1.1573 Low Jan 19 and a key support

EURUSD remains in consolidation mode. For now, a short-term bear cycle is intact. The recent breach of 1.1766, the Feb 6 low, strengthens the bear theme and signals scope for an extension towards 1.1693, a Fibonacci retracement. Note that MA studies are in a bull-mode position. This suggests that the entire bear leg since Jan 27 is potentially a correction. Key S/T resistance is 1.1929, the Feb 10 high. A break of this level would be bullish. 

President Donald Trump is shortly due to receive a briefing on Texas's energy production and deliver remarks from the Port of Corpus Christi in Texas. At a yet-to-be-announced time, Trump will also sit for an interview with local TV in Texas. LIVESTREAM The remarks will be closely followed for any clues on Trump's strategy regarding Iran. 

• The appearance, Trump's first since his State of the Union address on Tuesday, comes shortly before the closely watched Republican Senate primary between incumbent John Cornyn (R-TX), state AG Ken Paxton, and Rep. Wesley Hunt - all of whom will be in attendance at the event.
• Trump has yet to endorse in the race, with GOP leadership calling on the president to endorse Cornyn. PBS notes, "Cornyn is unpopular with a segment of Texas' GOP base, in part for his early dismissiveness of Trump's 2024 comeback campaign and for his role in authoring tougher restrictions on guns after the 2022 school shooting in Uvalde, Texas. But Senate GOP leadership and allied groups see Cornyn as the stronger general election candidate, in light of a series of troubles that have shadowed Paxton."
• Silver Bulletin has a useful roundup of the Texas Senate primary, which could determine control of the Senate in November, here.
• In the evening, Trump will depart for his Mar-a-Lago resort in Florida, where he will hold two events for his MAGA Inc SuperPAC on Saturday.