EURUSD and GBPUSD: GBPUSD is approaching the 1.32000 level

• Pair EURUSD has been in a strong bullish consolidation since the opening of this morning’s Asian session
• GBPUSD received new strong support this morning at the 1.31200 level

EURUSD chart analysis

Pair EURUSD has been in a strong bullish consolidation since the opening of this morning’s Asian session. We started from 1.10750 and climbed to 1.11300 levels. The pair had a short-term fluctuation in the 1.11000 zone but successfully overcame it and continued on the bullish side. We expect to see a jump to a new daily high, confirming staying on the positive side. Potential higher targets are 1.11400 and 1.11500 levels.

For a bearish option, EURUSD should first pull back below the 1.11000 level. With that step, we take the first step to the bearish side, which confirms the increase in bearish pressure. The Euro was then forced to retreat and look for support at lower levels. Potential lower targets are the 1.10900 and 1.10800 levels. By going down to 1.10800, we will be close to testing the daily open price.

GBPUSD chart analysis

GBPUSD received new strong support this morning at the 1.31200 level. A bullish consolidation was initiated, and the pair managed to break above last week’s high, creating a new one at 1.31950. For now, we encounter resistance in that zone and remain below the 1.32000 level. We need a continuation of the bullish momentum to move above the 1.32000 level. If we succeed in that, the next target is the September high at the 1.32390 level.

Potential higher targets are the 1.32400 and 1.32600 levels. For a bearish option, we need a negative consolidation and pullback of GBPUSD to the 1.31600 level. There was a hold in that zone before we continued bullish. This time, we need a break below to reinforce the bearish momentum. Potential lower targets are the 1.31400 and 1.31200 levels. Additional support in the 1.31200 zone is the EMA 200 moving average.