GBP/JPY - Japanese yen traders managed to push the cross back after GBP/JPY set a multi-year high at 211.42, and tumbled toward the psychologically important 210.00 handle following the inability of the cable longs to break above the upward sloping channel's upper boundary. As the price action begins to exhibit exhaustion, a break below the 210.00 figure will most likely see the cross head lower and test the sterling bids around 208.00 figure, and with a break to the downside test the support at 207.00, a level established by the 23.6 Fib of the 192.67-211.42 GBP rally and is further reinforced by the 20-day SMA. A further move to the downside will most likely see the yen traders test the channel's lower boundary. Indicators are signaling trendless conditions with ADX below 25, while both momentum indicator and positive MACD treading above the zero line, with both oversold oscillators giving yen traders a chance to retaliate

GBP/CHF - Cable longs once again pushed the cross higher only to see their momentum stall below the triangle's lower boundary, which is further reinforced by the 50.0 Fib of the 2.3310-2.2345 CHF. An inability by the sterling traders to push the cross higher confirms the overall dominance of the price action by the Swissie traders, which will most likely push the pound bulls lower and take on the 2.2713, a 38.2 Fib of the 2.3310-2.2345 CHF rally. A further move to the downside will most likely see the cross break of the triangle's lower boundary, a level reinforced by the 23.6 Fib of the 2.3310-2.2345 CHF rally at 2.2572 and with sustained momtnum heading below the psychologically important 2.2500 handle. Indicators are favoring the pound longs with both momentum indicator and positive MACD above the zero line. Oscillators remain neutral, thus giving either side enough room to maneuver. 

GBP/AUD - Pound traders finally managed to take control of the price action as they pushed the cross above the 2.3226, a level marked by the 23.6 Fib of the 2.5672-2.2692 AUD rally. As sterling longs continue to dominate the direction of the cross, the next move to the upside will most likely see GBP/AUD head higher and aim for the psychologically important 2.3500 handle, a level defended by the 50-day SMA at 2.3454. A further move to the upside will most likely see Australian dollar traders put out offers around 2.3561, a potential resistance established by the key 38.2 Fib of the 2.5672-2.2692 AUD rally .Indicators are signaling trendless conditions with ADX below 25, while both the momentum indicator and negative MACD treading below the zero line, with oversold Stochastic giving the cable longs a chance to retaliate.

Sam Shenker is a Technical Currency Analyst for FXCM.