Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

EURUSD and GBPUSD: Pound under pressure at 1.24000

EURUSD and GBPUSD: Pound under pressure at 1.24000

Yesterday, EURUSD fell to a new six-month low at 1.06319.
Pair GBPUSD fell below the 1.24000 level yesterday, forming a new lower low at 1.23967.

EURUSD chart analysis

Yesterday, EURUSD fell to a new six-month low at 1.06319. The reason for this decline is the interest rate increase by the EBC, which means that the euro is weak and needs help to strengthen. During the Asian trading session, we saw that the EURUSD managed to form a bottom in the support zone and initiate a bullish consolidation. We are now at the 1.06685 level, and we could expect the euro to continue above the 1.06800 level.

Potential higher targets are 1.07000 and 1.07200 levels. We will have additional resistance in the EMA50 moving average and the zone around 1.07200 levels. We need a negative consolidation and a new pullback below the 1.06400 level for a bearish option. Then, we would retest the 1.06319 previous low. A break below would mean further weakening of the EURUSD, and the potential lower targets are the 1.06200 and 1.06000 levels.

GBPUSD chart analysis

Pair GBPUSD fell below the 1.24000 level yesterday, forming a new lower low at 1.23967. After that, we found support at that level and started a new bullish consolidation from there. During the Asian trading session, we saw bullish consolidation and a jump to 1.24385.

If we were to break above the 1.24500 level, we would be in a good position to continue the recovery. Potential higher targets are 1.24750 and 1.25000 levels. The pound has additional resistance in the EMA50 moving average in the zone around 1.25000 levels. We need a negative consolidation and a return to the zone around the 1.24000 support level for a bearish option. A break below could form a new lower low. Potential lower targets are 1.23750 and 1.23500 levels.

The post EURUSD and GBPUSD: Pound under pressure at 1.24000 appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

    Stock

    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

    Investing

    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Investing

    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Disclaimer: thefreedomright.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2020-2024 The Freedom Right. All Rights Reserved