EURUSD and GBPUSD: GBPUSD below 1.27500 this morning

• During this morning’s Asian trading session, EURUSD tried to stabilize above the 1.07350 level. 
• GBPUSD rose to the 1.28606 level on Wednesday, forming a new weekly high. 

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD tried to stabilize above the 1.07350 level. With the beginning of today’s EU session, we see an increased bearish impulse and a fall of the euro to the 1.07158 level. A new weekly low was formed, and the pair remains under pressure to continue further retreat. Potential lower targets are 1.07000 and 1.06800 levels.

For a bullish option, we need a return to the 1.07350 level. EURUSD would have to stabilize there if it plans to start a bullish recovery. With a jump to the 1.07600 level, we will test the EMA50 moving average. With his support, we can start further recovery. Potential higher targets are 1.07800 and 1.08000 levels. Greater resistance awaits us in the 1.08000 zone in the EMA200 moving average.

GBPUSD chart analysis

GBPUSD rose to the 1.28606 level on Wednesday, forming a new weekly high. The inability to continue on the bullish side triggered a bearish consolidation from that level. By the end of the day, the pair retreated to the 1.28000 level. Yesterday, we saw a continuation of the pullback and a drop to the 1.27400 level. We had a couple of attempts to get back above 1.28000, but we didn’t have enough strength to hold up.

During this morning’s Asian session, GBPUSD starts a new retreat from the 1.27630 level. The pair is falling to a new daily low at the 1.27285 level and will likely continue down to 1.27190 at the weekly open price. At the beginning of the week, we had pressure in that zone and now we are going back again. Potential lower targets are 1.27000 and 1.26800 levels.