EURUSD and GBPUSD: GBPUSD remains stable in a bullish trend

• On Wednesday, EURUSD managed to climb to a new weekly high at the 1.11741 level
• During this morning’s Asian trading session, GBPUSD initiated a bullish consolidation up to the 1.31100 level

EURUSD chart analysis

On Wednesday, EURUSD managed to climb to a new weekly high at the 1.11741 level. After the formation of this high pair, it started a bearish consolidation. On Thursday, we got new support at the 1.10980 level. During this morning’s Asian session, we saw an attempt to recover to the 1.11300 level. For now, we have resistance here and are retreating slightly. On a positive note, we are above the EMA 50 moving average and have its support.

We need a more concrete impulse to wake up this pair and start the continuation on the bullish side. Potential higher targets are the 1.11400 and 1.11600 levels. For a bearish option, we need a negative consolidation and a move down to the 1.11100 level. There, we will test the daily open price. If we happen to slip below, it is possible that we will form a new daily low. Potential lower targets are the 1.11000 and 1.10800 levels.

GBPUSD chart analysis

During this morning’s Asian trading session, GBPUSD initiated a bullish consolidation up to the 1.31100 level. If this trend continues, we could see a test of the weekly high at 1.31300. The trend looks stable, and we expect a jump to a new weekly high. Potential higher targets are 1.31400 and 1.31600 levels.

For a bearish option, we need a negative GBPUSD consolidation back to last night’s support at 1.30800. We will try to get support from the EMA 50 moving average there. This time, a drop below and the formation of a new lower low could happen. This will confirm that the pound is under pressure and needs to look for new lower support. Potential lower targets are 1.30600 and 1.30400 levels.

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