EURUSD and GBPUSD: The pound slips below the 1.20000 level

• During the Asian session, EURUSD traded around 1.07500 levels. 
• During the Asian trading session, GBPUSD was held around 1.20500 levels. 

EURUSD chart analysis

During the Asian session, EURUSD traded around 1.07500 levels. In the continuation, the euro continues with weakness, and the pair once again leans towards the previous low and makes a breakthrough below. This morning we found ourselves again at the 1.07000 level, and the last time we were there was on January 9. We are now looking at the 1.06500 level, as we could find support at the lower trend line. With a fall below this trend line, EURUSD could step deeper into a bearish trend with a target at the 1.05000 level.

For a bullish option, we need a positive consolidation and a move above the 1.07500 level first. Next, we need to maintain it, and with that, we would form a higher low compared to the previous one from January. With positive consolidation, we would continue with the recovery. Potential higher targets are 1.08000 and 1.08500 levels.

GBPUSD chart analysis

During the Asian trading session, GBPUSD was held around 1.20500 levels. The pressure on the pound continued in the European session, and we are now testing the 1.20000 level. A break below and a move down to the January support zone could happen soon. Potential lower targets are 1.19500 and 1.19000 levels.

We need a positive consolidation and a jump to the 1.21000 level for a bullish option. Thus, we would take the first positive step for a possible pound recovery. I think it is necessary to keep up there, and with the next impulse, we will start further growth. Potential higher targets are 1.21500 and 1.22000 levels.