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FxWirePro: Pound edges higher after upbeat UK Services PMI, GBP/CAD on track to test 200-W SMA

GBP/CAD chart - Trading View GBP/CAD has pared losses and has edged higher after upbeat UK services PMI data. UK Markit's Services PMI increased to 51.3 in February from 50.1 in the previous month, beating expectations a…

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FxWirePro: Pound edges higher after upbeat UK Services PMI, GBP/CAD on track to test 200-W SMA
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GBP/CAD chart - Trading View 

  • GBP/CAD has pared losses and has edged higher after upbeat UK services PMI data.
     
  • UK Markit's Services PMI increased to 51.3 in February from 50.1 in the previous month, beating expectations at 49.9.
     
  • GBP/CAD edged higher from lows of 1.7571 and is trading at 1.7590 after hitting session highs at 1.7603.
     
  • Markets remain wary ahead of a scheduled meeting between UK Brexit Secretary Barclay, Attorney General Cox and the European Union's Chief Brexit negotiator Michel Barnier. 
     
  • BoE Governor Mark Carney’s testimony on Brexit, inflation, and the economy before the House of Lords Economic Affairs Committee will also be in focus.
     
  • The pair has retraced from 8-month highs at 1.7629 hit on Monday's trade, bias bullish.
     
  • Technical indicators are biased higher. Price action has broken above weekly cloud and major EMAs.
     
  • Next major bull target lies at 200-W SMA at 1.7754. Break above to see further upside.
     
  • Immediate support is seen at 5-DMA at 1.7530. Break below could see weakness till 20-DMA at 1.7254. 

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 
 

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