John Williams

GBP/USD retreated to around 1.3400 as traders assessed rising geopolitical risk, firmer energy prices, and a busy macro calendar. Technical traders are watching whether fading momentum opens the door to a move toward 1.3300 or whether buyers can reclaim 1.3500.

EUR/USD traded flat near 1.1423 as traders weighed divided Federal Reserve minutes and awaited European Central Bank meeting details. Technical traders are watching whether a bearish flag setup can push the pair toward the year-to-date low at 1.1323 or whether resistance at 1.1473 gives way.

GBP/USD climbed to its highest level since June 17 after another round of disappointing US economic data weakened dollar sentiment. Technical traders are watching whether resistance near the 100-day moving average caps the move or opens the door to a test of 1.3500.

AUD/USD pushed above a closely watched resistance area after weaker US services data added pressure on the dollar. Traders are now focused on Federal Reserve minutes, Fed commentary, 0.6865 support and 0.7100 resistance.