GBP/JPY - Japanese yen traders continued to dominate the price action as they pushed the cross further below the psychologically important 205.00 handle, a level defended by the key 38.2 Fib of the 192.67-213.06 GBP rally at 205.26. A sustained momentum on the part of the yen traders will most likely see GBPJPY tumble further and test the sterling bids around 202.87, a level established by the 50.0 Fib of the 192.67-213.06 GBP rally. A further move on the part of the yen longs will most likely see the cross continue to head south and aim for the psychologically important 200.00 handle, a level defended by the key 61.8 Fib of the 192.67-213.06 GBP rally at 200.48 and is further reinforced by the 200-day SMA at 200.90. An extended move to the downside will most likely see the GBP/JPY tumble further and test the pound bids around 78.6 Fib of the 192.67-213.06 GBP rally. Indicators are signaling trending conditions with ADX above 25 at 25.96, while negative momentum indicator is diverging from positive MACD. Oscillators remain neutral, thus giving either side enough room to maneuver. 

GBP/CHF - Cable longs once again pushed the cross higher only to see their momentum stall 2.29041 a level established by the 61.8 Fib of the 2.3310-2.2345 CHF, thus seeing the cross confined to a narrow trading range. 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 level further reinforced by the combination of the 20-day, 50-day and 200-day SMA's. 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 momentum 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 lost the control of the price action as they failed to push the cross above the psychologically important 2.4000 handle and tumbled back down toward the 200-day SMA at 2.3751. A further move to the upside will most likely see the cross head above 2.3837, a level established by the key 50.0 Fib of the 2.5672-2.2692 AUD rally.  A sustained momentum to the upside will most likely see the cross head higher and with a break above the psychologically important will most likely seeing GBPAUD head higher and target Australian dollar offers around 2.4109, a level established by the 61.8 Fib of the 2.5672-2.2692 AUD rally, and with extended move to the upside seeing the pound traders push their Aussie counterparts above 2.4239, a level marked by the November 3 daily high. Indicators are favoring pound longs, with both positive momentum indicator MACD treading above the zero line, with ADX above 25 at 26.43 signaling trending market conditions, while neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.