EURUSD and GBPUSD: The Euro stayed above 1.07700 overnight

• During the Asian trading session, EURUSD gets support at the 1.07700 level. 
• During the Asian trading session, GBPUSD continued the previous bullish trend.

EURUSD chart analysis

During the Asian trading session, EURUSD gets support at the 1.07700 level. As the European session began, the euro started a new bullish impulse and climbed to the 1.07900 level. The current picture tells us we could expect further EURUSD growth to 1.08000 levels.

We need a negative consolidation and a drop below the 1.07700 level for a bearish option. A pullback to 1.07500 would already move the euro to the downside, and we could see a deeper pullback. Potential lower targets are 1.07250 and 1.07000 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD continued the previous bullish trend. Futna is getting closer to the 1.23000 level, and now we are at the 1.22920 level. The last time we were above 1.23000 was in early February. Today’s news and UK inflation showed that inflation is back above 10.0%. The official data is that the inflation is 10.4%, and the forecasts were at 9.9%, and an improvement was expected compared to the previous 10.1% from February.

This kind of news tells us that we need a stronger pound in order to lower inflation to the desired level below 2.00%. Tomorrow we expect news from the BoE about the future interest rate. And the expectations are that the Bank of England will increase the interest rate from 4.00% to 4.20%.