GBP/JPY - Japanese yen traders managed to push back the advancing pound bulls with GBP/JPY stalling above the psychologically important 205.00 handle, a level defended by the combination of 20-day and 50-day SMA. As cable longs regroup and once again push the cross toward the psychologically important 210.00 figure, a break above will most likely see sterling traders take on yen offers around 211.10, a level marked by the February 3 daily high. A further momentum on the part of the pound longs will most likely see the GBP/JPY head higher and test yen levels around 213.10, a level marked by the December 13 daily high, thus seeing pound traders once again test the multi-year high. A breakout above will most likely see the cross extend its gains and with a move above the next psychologically important 215.00 figure most likely targeting the 216.68, a level marked by the 78.6 Fib Extension of the Jul-Dec GBP rally. Indicators are favoring British pound longs with both positive momentum indicator is and MACD above the zero line, ADX above 25 at 26.48 signals an existence of a trend, not a direction of one, with neutral oscillators giving either side enough room to maneuver. 

GBP/CHF - British pound longs continued to keep the cross in a trading range as GBP/CHF once again fell below 2.2700, a level established by the 38.2 Fib of the 2.1714-2.3310 GBP rally. As Swissie longs continue to dominate the price action, a further move to the downside will most likely see the cross head lower and with a move below the psychologically important 2.2500 handle, a level defended by the 50.0 Fib of the 2.1714-2.3310 GBP rally at 2.2512, most likely see the Swiss Franc bulls gain further downside momentum. A further move to the downside will most likely see the GBP/CHF head lower and aim for the pound bids around 2.2446, a level marked by the January 23 daily low, breaking of which will most likely open 2.2323,  a key 61.8 Fib of the 2.1714-2.3310 GBP rally as a target of opportunity. Indicators are favoring the Swiss Franc longs with both momentum indicator and negative MACD below the zero line, while neutral oscillators giving either side enough room to maneuver.

GBP/AUD - Pound longs continued to bounce in narrow trading range as price action remained confined to a 2.3600 figure, a level defended by the combination of 20-day, 50-day and 200-day SMA's. As sterling bulls push the pair higher, a further move to the upside will most likely see the cross target Aussie offers around 2.3820, a level established by the 38.2 Fib of the 2.5672-2.2692 AUD rally, which currently acts as a gateway toward the psychologically important 2.4000 handle. A sustained momentum on the part of the pound longs will most likely see GBP/AUD head above 2.4111, a level established by the key 50.0 Fib of the 2.5672-2.2692 AUD rally, and with a break above the psychologically important 2.4500 handle, a level defended by the 61.8 Fib of the 2.5672-2.2692 AUD rally most likely seeing GBPAUD head higher and target Australian dollar offers around 2.4814, a level established by the April 19 daily high. Indicators are favoring Australian dollar longs, with both negative momentum indicator and negative MACD treading below the zero line, while neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.