Plenty of action in crosses overnight
- GBP was the main mover, losing ground across the board after disappointing economic data. I increased my long cable position near the 61.8% retracement level (see chart) but will reassess this strategy if 1.5100 breaks.
- The USD/CAD market is watching a weekly trendline very closely (see chart) and there was a lot of activity reported overnight above 1.0300.
- EUR/CHF has turned higher again and looks set to test the January highs at 1.2565.
- Pretty quiet in most of the other majors.