EURUSD and GBPUSD: GBPUSD rises to a new high on Friday

EURUSD chart analysis

During this morning’s Asian trading session, EURUSD found support at 1.09700. After that, a bullish consolidation up to the 1.09850 level was initiated. Here, we encounter the EMA 50 moving average and hope for a move above to a new daily high. With the moving average’s support, we expect the growth of bullish momentum. Potential higher targets are the 1.10000 and 1.10200 levels.

For a bearish option, ERUUSD should go back down to 1.09700 levels. There, we will test the daily open price again. With Impulse below, we go to a new daily low and confirm that we are under pressure. This suggests that the chances of the pair going into a deeper pullback are increasing. Potential lower targets are 1.09600 and 1.09500 levels. EMA 200 is an additional support for us at the 1.09500 level.

GBPUSD chart analysis

Pair GBPUSD continued the bullish trend from yesterday this morning. We are now at 1.28860 and have formed a new weekly high here. During this morning’s Asian session, the previous high from Tuesday, 1.28730, was broken. The pair is currently in a solid bullish consolidation, and everything indicates that we will see a continuation on the bullish side. Potential higher targets are the 1.29000 and 1.29200 levels.

For a bearish option, we need a pullback to the 1.28600 level. We are close to testing the daily open price. By crossing below, we go to the negative side, and the chances of strengthening the bearish momentum increase. After that, we can expect to see a further pullback. Potential lower targets are 1.28400 and 1.28200 levels. Possible support for GBPUSD could be found in the EMA 50 moving average around 1.28500. 

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