GBP/JPY - Japanese yen traders continued to push back the advancing pound bulls with GBP/JPY stalling below the psychologically important 205.00 handle, a level defended by the combination of the 38.2 Fib of the 192.69-213.03 GBP rally and 50-day SMA. As cable longs regroup and once again push the cross higher, a break above 208.23, a level marked by the 23.6 Fib of the 192.69-213.03 GBP rally will most likely see sterling traders take on yen offers around the psychologically important 210.00 figure. A further move to the upside will most likely see the cable bulls test the 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. Indicators are favoring British pound longs with both positive momentum indicator is and MACD above the zero line, with neutral oscillators giving either side enough room to maneuver. 

GBP/CHF - British pound bulls continued to keep the GBP/CHF in a trading range as cross/CHF once again fell tested the bids around 2.2700, a level defended by the combination of the 38.2 Fib of the 2.1714-2.3310 GBP rally, a 20-day, 50-day and 200-day SMA's. As sterling longs continue to dominate the price action, a further move to the upside will most likely see the cross head higher and with a move above the psychologically important 2.3000 handle, a level defended by the 23.6 Fib of the 2.1714-2.3310 GBP rally at 2.2933, most likely see the pound bulls gain further upside momentum. A further move to the upside will most likely see the GBP/CHF head higher and aim for the Swissie offers around 2.3019, a level marked by the December 20 daily high, breaking of which will most likely open 2.3139,  a June 27 daily low as a target of opportunity for prospective cable longs. Indicators are favoring the pound longs with both positive momentum indicator and MACD above the zero line, while neutral oscillators giving either side enough room to maneuver.

GBP/AUD - Pound longs remained narrow trading range as price action stalled around the psychologically important 2.3500 handle, 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.