EURUSD AND GBPUSD: GBPUSD has resistance at 1.28000 level

• Since the beginning of the week EURUSD has been in a slight retreat.
• Yesterday,, GBPUSD fell to a new weekly low at 1.27460. 

EURUSD chart analysis

Since the beginning of the week EURUSD has been in a slight retreat. Yesterday, the pair slipped to 1.09023 levels. We successfully get support at that level, and we start the recovery. By the end of the day, we climb up to the 1.09270 level. During this morning’s Asian trading session, the euro mostly consolidated in the 1.09250-1.09300 range.

We see the same movement in the EU session and are currently testing the 1.09300 resistance level. As we approach the US session, the volatility of this pair increases.

Potential higher targets are the 1.09350 and 1.09400 levels. We need a negative consolidation and pullback below the 1.90200 level for a bearish option.

We break through the Asian support level one step at a time and fall to a new daily low. This tells us that the euro is under pressure and that we expect a drop to lower support levels. Potential lower targets are the 1.09150 and 1.09100 levels.

GBPUSD chart analysis

Yesterday,, GBPUSD fell to a new weekly low at 1.27460. After that, we successfully obtained that support and started the recovery. We had additional support at that level in the EMA200 moving average. By the end of the day, the pound climbed to 1.27950. During the Asian trading session, we moved in that zone and failed to move again above the 1.28000 level.

The pair turned to the bearish side and formed a daily low at 1.27745. This could initiate a continuation of the pullback and fall even lower. Potential lower targets are 1.27600 and 1.27500 levels. If we see a break above the 1.28000 level, it would mean that we have an opportunity to move to the bullish side.

We find additional support at the EMA50 moving average and rise to a new daily high. Potential higher targets are 1.28100 and 1.28200 levels.