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 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. 

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