EURUSD and GBPUSD: GBPUSD again above the 1.26000 level

EURUSD chart analysis

EURUSD has continued its bullish trend from last week, driving us to a new May high today at the 1.08348 level. This level now acts as a key reference point for our analysis. We’re currently experiencing a brief pause at this level, with a slight pullback to the 1.08260 level. If we manage to maintain a position above the daily open price at 1.08198, we’ll stay on the positive side. 

However, a dip below this level could lead to a new daily low and the start of a pullback, potentially altering our current trajectory. After that, EURUSD should go down to 1.08000 and test the EMA50 moving average there. We had his support this week and we can hope for the same this time. Potential lower targets are 1.07900 and 1.07800 where the EMA200 moving average awaits us.

GBPUSD chart analysis

During this morning’s Asian trading session, GBPUSD crossed above the 1.26000 level, reinforcing the bullish momentum. That takes us up to the 1.26250 level to a new weekly high. For now, there are no signs of weakness in the bullish trend and we expect a further continuation to the bullish side. Potential higher targets are 1.26500 and 1.26750 levels.

We need a pullback down to this morning’s support at 1.25900 for a bearish option. With that step, we descend into a zone that could change the direction of movement for GBPUSD. By pulling up to the 1.25800 level, we make a new daily low and test the EMA50 moving average there. The impossibility of maintaining even there will make a significant retreat to the bearish side. Potential lower targets are 1.25600 and 1.25400 levels.

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