EURUSD and GBPUSD: GBPUSD falls to a new daily low

On Friday, the EURUSD climbed to a new high at the 1.09813 level. 
GBPUSD climbed to a new two-month high on Friday at the 1.28940 level. 

EURUSD chart analysis

On Friday, the EURUSD climbed to a new high at the 1.09813 level. This was followed by a pullback to support at the 1.09350 level. This morning, during the Asian trading session, the pair successfully maintained above that level. For now, we are moving in the 1.09350-1.09450 range. We need an impulse that would push us above the upper level and thus trigger a bullish consolidation. Potential higher targets are 1.09600 and 1.09700 levels.

By pulling back below the 1.09350 level, EURUSD would form a new daily low and thereby increase the chances of starting a bearish option. The next level that would be under pressure is Friday’s low at 1.09200. A new test of that support would show us whether the euro has the strength for further growth or whether we continue to slide lower and lower. Potential lower targets are 1.09100 and 1.09000 levels.

GBPUSD chart analysis

GBPUSD climbed to a new two-month high on Friday at the 1.28940 level. After the formation of that high pair, it began to retreat, and the market closed on Friday at the 1.28570 level. During the Asian trading session, the pair moved sideways in a narrow range of 1.28450-1.28600. With the beginning of the EU session, the pound lost its strength and fell below the Asian low, forming a new daily low. The pound is now under pressure to move further down to new lower support.

Potential lower targets are 1.28200 and 1.28000 levels. If we fall to these levels, we will significantly move away from last week’s bullish trend. We need a positive consolidation and a move above the 1.28600 resistance level for a bullish option. With that step, we would move to the positive side and we could expect a continuation to the bullish side. Potential higher targets are 1.28700 and 1.28800 levels.

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