EURUSD and GBPUSD: Pound retests 1.25000 level

• During the Asian trading session, EURUSD rose to a new weekly high at 1.10670 level. 
• During the Asian trading session, GBPUSD climbs up to 1.25000 levels.

EURUSD chart analysis

During the Asian trading session, EURUSD rose to a new weekly high at 1.10670 level. After that, we see a pullback to the 1.10200 level. For now, EURUSD manages to hold above that level and makes a minor recovery to the 1.10400 level. In order to return to the bullish side, we need a return of EURUSD above the 1.10600 level.

We then need to hold above to try to retest this morning’s high at the 1.10670 level. We need a passive consolidation and a break below the 1.102000 support level for a bearish option. After that, we could go down and test the 1.10000 level.

GBPUSD chart analysis

During the Asian trading session, GBPUSD climbs up to 1.25000 levels. After that, we see a pullback to the 1.24600 level, where we get new support. Then GBPUSD recovered slightly to 1.24800, where we have resistance for now. We need a break below the support at the 1.24600 level for a bearish option.

If we succeed in this, we will see a continuation of the bearish trend and a retreat to lower support levels. Potential lower targets are 1.24400 and 1.24200 levels. In the zone around 1.24400 levels, additional support on the chart is in the EMA504h moving average.