EURUSD and GBPUSD: GBPUSD climbs to a new yearly high

• During this morning’s Asian session, EURUSD moved in the 1.08900-1.09100 range.
• After almost a year, GBPUSD is back above the 1.3000 level again.

EURUSD chart analysis

During this morning’s Asian session, EURUSD moved in the 1.08900-1.09100 range. With the start of the EU session and news about Eurozone inflation, the pair rose to 1.09450 levels. A new four-month high was formed. We stop at that level and see a slight pullback to the 1.09380 level. It is quite possible that we will see a continuation of the pullback to a potential retest of 1.09200, the previous high.

Potential lower targets are the 1.09100 and 1.09000 levels. We will test the weekly open price at 1.09100, while the EMA 50 is in the 1.09000 zone. For a bullish option, we need a continuation of today’s bullish consolidation and a break above the 1.09450 level. With that, we go to a new weekly high and confirm the strong euro. Potential higher targets are the 1.09500 and 1.09600 levels.

GBPUSD chart analysis

After almost a year, GBPUSD is back above the 1.3000 level again. Strong inflation data boosted the pound, pushing it as high as 1.30448. For now, the pair does not have the strength to go further and initiates a pullback to the 1.30300 level. This morning’s bullish consolidation was strong, and it is possible that we will see a decline and a retest of the 1.30000 level. We will test the weekly open price and the EMA 50 moving average support there.

Potential lower targets are the 1.29600 and 1.29400 levels. For a bullish option, we need a positive consolidation and a break above the 1.30500 level. This will form a new weekly high and strengthen the bullish trend. Potential higher targets are the 1.30600 and 1.30800 levels.

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