EURUSD and GBPUSD: GBPUSD is back above the 1.26000 level

• During the Asian trading session, EURUSD gained support at the 1.07700 level.
• During the Asian trading session, GBPUSD consolidated around 1.25800 levels.

EURUSD chart analysis

During the Asian trading session, EURUSD gained support at the 1.07700 level. After that, we see a bullish consolidation and are now testing the 1.08000 level. We need a break above it to continue the recovery. Potential higher targets are 1.08200 and 1.08400 levels. We could have additional resistance in the EMA50 moving average in the zone around 1.08500 levels.

We need a negative consolidation and pullback below the 1.07700 level for a bearish option. A break below would mean that the euro lacks strength, and we could see a continuation of the pullback. Potential lower targets are 1.07600 and 1.07400 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD consolidated around 1.25800 levels. There, we get support, start bullish consolidation, and recover to 1.26300 levels. If this kind of consolidation continues, we could expect the pair to visit higher levels on the chart. Potential higher targets are 1.26400 and 1.26600 levels. We have additional resistance to the bullish trend in the zone around 1.26600 levels in the EMA50 moving average.

We need a negative consolidation and pullback of GBPUSD to 1.26000 levels for a bearish option. Then, we need a break below, and that would increase the bearish pressure on the pound. After that, we would probably visit the support zone around the 1.25800 level again. Potential lower targets are 1.25600 and 1.25400 levels.