EUR/USD and GBP/USD Technical Analysis: April 28, 2026

EU Budget Negotiations and Market Impact

European Union leaders have commenced discussions regarding the proposed €1.8 trillion seven-year budget for 2028-2034. The European Commission’s proposal faces significant opposition from net-contributor states, including Germany, the Netherlands, Sweden, Denmark, and Austria, due to concerns over spending levels and the potential removal of existing fiscal rebates.

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The dispute centers on conflicting visions for the bloc's financial future. While the Commission advocates for increased investment in climate change, digital transformation, and security, donor nations are demanding stricter fiscal discipline and greater justification for allocated outlays. Furthermore, debates regarding new EU-level levies and the potential issuance of common debt to refinance post-COVID obligations continue to create friction within the eurozone.

EUR/USD Technical Outlook

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The EUR/USD pair requires a sustained break above the 1.1730 resistance level to facilitate a move toward 1.1762 and potentially 1.1791. A successful breach of these levels would put the 1.1822 high in focus, though momentum remains dependent on broader market liquidity.

On the downside, significant buying interest is expected near 1.1700. Failure to maintain this support level may lead to a testing of the 1.1670 low, with a deeper retracement toward 1.1640 possible should selling pressure intensify.

GBP/USD Technical Outlook

GBP/USD bulls face immediate resistance at 1.3530. A move above this level is required to test 1.3550, with the 1.3585 area serving as the primary extended target for the current session.

Conversely, bears are focused on defending the 1.3500 level. Should the pair decline below this support, it would likely signal a shift in momentum, pushing the price toward the 1.3475 low and potentially exposing the 1.3445 support level.

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