EURUSD and GBPUSD: Pound loses momentum below 1,3000
- On Wednesday, the EURUSD rose to 1.09482, forming a new weekly high.
- Yesterday, GBPUSD found itself under pressure again at 1.30000, resulting in a drop below.
EURUSD chart analysis
On Wednesday, the EURUSD rose to 1.09482, forming a new weekly high. After that, further growth stopped, and the pair started consolidating below that high. We then saw an increase in bearish momentum and the initiation of a bearish consolidation below the weekly open price of 1.09070. During this morning’s Asian session, EURUSD continued to pull back to support at 1.08880 levels.
A little below at 1.08800, we encounter the EMA 200 moving average and will try to hold above that line. If we fail, we move to a new weekly low. Potential lower targets are 1.08600 and 1.08400 levels. We need a positive consolidation and a return up to the 1.09200 level for a bullish option. This moves us above the weekly open price and the EMA 50 moving average. After that, the chances of seeing further growth and recovery increase. Potential higher targets are 1.09400 and 1.09600 levels.
GBPUSD chart analysis
Yesterday, GBPUSD found itself under pressure again at 1.30000, resulting in a drop below. After that, the pair started a bearish consolidation and began to retreat. Very quickly, we fell below the weekly open price and the EMA 50 moving average. This put further pressure on the pound, and it continued its retreat. During this morning’s Asian trading session, the pair fell to a new weekly low at 1.29330.
At a step below 1.29230, we will meet the EMA 200 moving average, which could stop further pullback. If that does not happen, potential lower targets are the 1.29200 and 1.29000 levels. For a bullish option, we need a positive consolidation and a move above the 1.29600 level. This changes the picture on the chart, and we will form a new bottom for GBPUSD. After that, we can expect the start of bullish consolidation. Potential higher targets are the 1.29800 and 1.30000 levels.
