EURUSD and GBPUSD: GBPUSD climbs to a new August high

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD moved in the 1.11100-1.11300 range. Last night, the pair climbed to 1.11327, forming a new weekly high there. The current picture is more bearish as the euro fails to move above a new high. Pressure is growing on the pair to begin a retreat and form a new daily low. Potential lower targets are the 1.11000 and 1.10800 levels.

The first support zone, a key area to watch, is around 1.10900 in the EMA 50 moving average. For a bullish option, EURUSD would have to move above the 1.11300 daily open price. With that step, we expect the formation of a new weekly high. Potential higher targets are 1.11400 and 1.11500 levels. Up here, we would form a new 12-month high.

GBPUSD chart analysis

Yesterday, GBPUSD rose above the 1.30000 level again after a month. A new high was formed above at the 1.30525 level. During this morning’s Asian trading session, the pair moved away a bit and retreated to the 1.30100 level. Here, new support was found, and the daily high reached 1.30435. We are close to testing yesterday’s high. With another impulse, we will see the formation of a new high and the continuation of the bullish side. Potential higher targets are 1.30600 and 1.30800 levels.

For a bearish option, we need a negative consolidation and a drop below the 1.30000 level. With that, we will fall to a new daily low and increase the pressure on GBPUSD. At that level, the pair will test the EMA 50 moving average and try to hold above it. If the support is not enough, a further pullback will follow, and the pound will look for new support. Potential lower targets are the 1.29800 and 1.29600 levels.

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