GBP/USD: Choppy Sideways Range; EUR/CAD: Large M/T Top
GBPUSD stays in a choppy sideways range, testing the 38.2% retracement of the recent rise and the flat 200-day average at 1.2431/25. Beneath here can target last week’s low and the 50% retracement level at 1.2347, which we look to hold initially. Beneath the latter level can retarget the broken downtrend/price and 61.8% retracement level at 1.2284/53. We would expect a hold here, and its removal is needed to test the bottom end of the converging range at 1.2127. Resistance moves to 1.2544 initially , with a break above 1.2583 needed to retarget the converging range highs at 1.2697/1.2707, which we would look to cap.EURCAD holds a large medium-term top, and we view the current price action as a potential “triangle” continuation pattern.We thus look for an eventual break targeting a move to 1.3684/48 next.