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EURUSD and GBPUSD: The pound is getting closer to 1.27000

EURUSD and GBPUSD: The pound is getting closer to 1.27000

Last Friday, the EURUSD pair retreated to the 1.09760 support level. 
The pound continues to dominate against the US currency. 

EURUSD chart analysis

Last Friday, the EURUSD pair retreated to the 1.09760 support level. The pullback is halted within a larger ascending channel, and the pair is re-initiating a new recovery. During the Asian trading session, we received support at the 1.10100 level, which led to growth and the formation of today’s high at the 1.10550 level.

For now, we have resistance at that level and see a pullback to the 1.10300 level. The large zone of the euro is around the 1.10000 level, and if we manage to stay above it, we will have a good starting position for a stronger bullish recovery. Potential higher targets are 1.11000 and 1.11250 levels. We had news about German industrial production at the beginning of the EU session, and the results were worse than expected. This could have been the cause of the EURUSD’s pullback from today’s high.

GBPUSD chart analysis

The pound continues to dominate against the US currency. This morning GBPUSD rose to 1.26570 levels. Saturation occurred at that level, and the pair retreated to 1.26300. For now, the pound has support at that level, and we are now following the current consolidation that could determine the future movement of the trend. We need positive consolidation and a retest of this morning’s high for a bullish option.

Then we need a breakthrough above and a hold-up there. After that, we could expect to see further growth and the formation of the next higher high. Potential higher targets are 1.26750 and 1.27000 levels. We need a pullback of the pound below the 1.26300 level for a bearish option. After that, we could revisit the 1.26000 support level. A break below would mean a potential further pullback to the 1.25000 level.

 

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