The EUR/USD couldn’t maintain its bullish momentum, while GBP/USD pauses after a breakout.

🇪🇺💶 EUR/USD Technical Analysis:

Early Friday (May 17th), EUR/USD slightly rebounded to around 1.0873 after hitting a low of 1.0854. Yesterday, the pair faced resistance, failing to continue its bullish breakout from the previous day. It slightly pulled back but remained stable above 1.0865. Bulls need to ensure the price stays above this threshold to fend off potential seller rebounds; failing to do so could trigger a drop to 1.0810 – 1.0800.

On the other hand, if buying momentum resumes, resistance may be found near 1.0980, a significant technical resistance level from March highs. If it strengthens further, buyers might aim for 1.1020 in the short term, a dynamic trendline extending from 2023 peaks.

🇬🇧💷 GBP/USD Technical Analysis:

After a strong performance earlier this week, GBP/USD dipped slightly on Thursday as buyers took a breather to assess the outlook. Should the bullish momentum return, resistance lies at 1.2720, the 61.8% Fibonacci retracement level of the 2023 sell-off. Beyond that, the 1.2800 level could come into focus.

Conversely, if upward pressure fades and leads to a meaningful bearish reversal, overlapping support from 1.2615 to 1.2590 can provide stability and prevent deeper contractions. However, a breach here would shift focus to the 200-day simple moving average, currently near 1.2540. Further declines below this point could drive the pair towards 1.2515.

📅 As of this Friday, EUR/USD is at 1.0873, down 0.09%. GBP/USD is at 1.2674/75, down 0.09%.