EURUSD and GBPUSD: GBPUSD struggles with support level

• The EURUSD is experiencing a slight pullback this week. 
• GBPUSD retreated to the 1.27800 support level on Tuesday. 

EURUSD chart analysis

The EURUSD is experiencing a slight pullback this week. The main support is at the 1.08000 level, while the resistance is at the 1.08500 level. On the downside, the EMA 200 moving average is approaching us, which is now at the 1.07900 level. We are now at 1.08225 and have support from the EMA 50 moving average. If he directs us to the bullish side, the pair could start a positive consolidation.

At 1.08385, we will once again test the weekly open price and hope to move above it. Potential higher targets are the 1.08500 and 1.08600 levels. For a bearish option, we need a negative consolidation of the EMA 200 moving average. Underneath it, the pressure on the EURUSD to continue its retreat is increasing. Potential lower targets are the 1.07800 and 1.07700 levels.

GBPUSD chart analysis

On Tuesday, the GBPUSD retreated to the 1.27800 support level. However, during this morning’s Asian trading session, the pair managed to stabilize and initiate a positive consolidation. We are now back above the 1.28000 level and forming a daily high at 1.28100. We are close to testing the weekly open price at 1.28150 and aiming to move above it to the positive side.

Potential higher targets for the GBPUSD are the 1.28200 and 1.28400 levels. This week’s high is another step higher at the 1.28459 level. A bearish option would require a negative consolidation and pullback below the 1.27800 level. A return to that zone would increase the pressure on the GBPUSD to start a further retreat. Potential lower targets are the 1.27600 and 1.27400 levels. Additional support is EMA 200 in the zone of 1.27600 levels.