EURUSD and GBPUSD: GBPUSD reached 1.27000 level

• Yesterday, we saw the formation of the weekly high EURUSD at the 1.08950 level.
• GBPUSD managed to reach 1.27000 levels yesterday.

EURUSD chart analysis

Yesterday, we saw the formation of the weekly high EURUSD at the 1.08950 level. After that, the pair begins to pull back to support at 1.08550. During the Asian trading session, we managed to hold above and move slightly to 1.08650. We have EMA50 moving average support and need a bullish impulse to trigger a positive consolidation.

Moving above the 1.08800 level would be an appropriate step to indicate further recovery. Potential higher targets are 1.09000 and 1.09200 levels. We need a break below 1.08550 and the EMA50 moving average for a bearish option.

With that, we go to a new daily low and confirm the initiation of bearish consolidation. Potential lower targets are 1.08400 and 1.08200 levels. Additional support in the 1.08100 zone is the EMA200 moving average.

GBPUSD chart analysis

GBPUSD managed to reach 1.27000 levels yesterday. After which we saw a pullback to support at the 1.26400 level. During this morning’s Asian trading session, the pair recovered to 1.26700 levels. For now, we have resistance at that level and are moving in the range of 1.26500-1.26700. We have the support of the EMA50 moving average and hope to be able to hold above to continue on the bullish side.

Potential higher targets are 1.27000 and 1.27200 levels. If there is a break below the EMA50 and 1.26400 levels, the pair would be under considerable pressure to start a further retreat. A space is opening for us down to the EMA200 moving average, and the potential lower targets are the 1.26200 and 1.26000 levels.

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