EURUSD and GBPUSD update

EURUSD (1.2444) reached a high of 1.2579 in January, just s few pips shy of our medium term target of 1.2597 cited in our Dec 30, 2017 forecast. EURUSD remains bid with 1.2597 remaining as our next target level as a weekly open and higher close above 1.2597 followed by a monthly open and higher close above 1.2597 will support further rise to 1.3131, whereas to the downside, a weekly open and lower close below 1.1712 will support further decline to 1.1445. Look for a daily open and higher close above 1.2597 followed by weekly open and higher close above 1.2597 to confirm further price rise is once again underway targeting 1.3131.

GBPUSD (1.4146)  has reached our 1.4144 target cited in our Dec 30, 2017 forecast as prices rose from 1.3457 to the January 2018 high of 1.4345 for the months range of 1.3457-1.4345. To the upside, look for weekly prices to open above 1.4144 and close higher to support further rise to 1.4863 in the weeks ahead, while to the downside,a weekly open and lower close below 1.3491 will witness further decline to 1.3227.