EURUSD holds at 1.09200 while GBPUSD jumps to 1.25600
On Monday, EURUSD managed to maintain a bullish trend until resistance at the 1.09652 level.
If we look at the chart, we will see that GBPUSD was in a bullish trend throughout November.
EURUSD chart analysis
On Monday, EURUSD managed to maintain a bullish trend until resistance at the 1.09652 level. After that, the pair begins to pull back to the EMA50 moving average, and on Wednesday, it finds support at the 1.08600 level. Since then, we have been in a bullish consolidation and are moving in the 1.08800-1.09400 range. We are currently at the 1.09130 level, where we started this week.
Due to Thanksgiving Day in the US, we cannot expect higher market volatility, and the pair could close this week in the 1.0900-1.09200 range. If we were to look at the chart, we would see a narrow price range from the opening and closing of the market this week. The week passed in a sign of consolidation; next week can expect more specific moves on the chart.
GBPUSD chart analysis
If we look at the chart, we will see that GBPUSD was in a bullish trend throughout November. We started the month in the zone around 1.21500 levels, and now we are in the zone around 1.25500 levels. Yesterday, the pair formed a three-month high at the 1.25723 level. After that, we saw a pullback in consolidation in the zone around 1.25300 levels. We manage to hold above and initiate a bullish impulse that pushes GBPUSD to 1.25600 levels.
Due to the lack of volatility, we cannot expect a strong impulse and a larger movement on the chart. Based on that, we expect GBPUSD to close in the expected range or a minimal new high, but nothing extreme. The US session will be shortened due to the Thanksgiving holiday.
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