EURUSD and GBPUSD: Euro slips towards 1.09000
- During the Asian trading session, EURUSD rose to 1.09350 levels.
- Yesterday, the pound fell to 1.24968 levels and thus found itself below 1.25000 levels again.
EURUSD chart analysis
During the Asian trading session, EURUSD rose to 1.09350 levels. The pair encounters resistance at that point and pulls back to 1.09040 levels, and the reason for this fall is the speech of the Vice-President of the European Central Bank, Luis De Guindos.
We are currently receiving support at this level, and we could expect a recovery and a return of the EURUSD to its previous value around the 1.09350 level. To continue to the bullish side, we need a break above and try to hold up there. With further positive consolidation, we would see continued recovery. Potential higher targets are 1.09500 and 1.09600 levels.
GBPUSD chart analysis
Yesterday, the pound fell to 1.24968 levels and thus found itself below 1.25000 levels again. We managed to consolidate at that point and return above the 1.25000 level. During the Asian session, the recovery continued, and GBPUSD stabilized above the 1.25200 level. At the opening of the EU session, we had important news from the UK market. Data on UK GDP for the first quarter have been published.
The data showed an increase of 0.2%, which aligns with economists’ forecasts. Today’s consolidation tells us that we could see a continuation of the recovery. Potential higher targets are 1.25400 and 1.25500 levels. We need a new drop below the 1.25000 level for a bearish option. That would put further pressure on the GBPUSD with the aim of pushing it even lower. Potential lower targets are 1.24750 and 1.24500 levels.