EURUSD and GBPUSD: Ready For Potential Higher Targets 

• During the Asian trading session, the euro managed to climb from 1.00500 to 1.01000 levels.
• During the Asian session, the pound hovered around 1.16000 levels, and with a bullish impulse, it climbed to 1.17000 levels.
• The UK economy grew in July, data from the Office for National Statistics showed this morning.

EURUSD chart analysis

During the Asian trading session, the euro managed to climb from 1.00500 to 1.01000 levels. Then in the European session, we see a break above and a jump in the euro’s value to the 1.02000 level. For now, we have resistance at that point, and we see a pullback to the 1.01500 level. We are currently looking for potential support in this zone, and if we fail to do so, the pair could go down to the 1.01000 level. We need a break below the 1.01000 level for a more concrete bearish scenario. Then we need a continuation of the negative consolidation and a drop to the 1.00500 level. Additional support at that point is in the MA200 moving average. For a bullish option, we should maintain above the 1.01000 level and, with a new positive consolidation, move to the bullish side. Our target is then again at the 1.02000 level. And potential higher targets, if we make a break above, are 1.02500 and 1.03000 levels.

GBPUSD chart analysis

During the Asian session, the pound hovered around 1.16000 levels, and with a bullish impulse, it climbed to 1.17000 levels. Now we see a slight pullback to the 1.16600 level and looking for potential support from which a new bullish impulse would emerge. To continue, we now need a break above and stay above the 1.17000 level. Potential higher targets are 1.17500 and 1.18000 levels. We need a negative consolidation and a pullback to 1.16000 this morning’s support level for a bearish option. In the continuation, we need a break below in order to continue descending towards the 1.15500 level. Additional support there is in the MA200 moving average. Potential lower targets are 1.15000 and 1.14000, last week’s low.

Market Overview

The UK economy grew in July, data from the Office for National Statistics showed this morning. The gross domestic product grew by 0.2% in July, in contrast to the 0.6% decline in the previous report. Industrial production fell -0.3% after falling -0.9% in June.