GBP/JPY - Japanese yen traders managed to push the cross lower as GBP/JPY stalled above 202.86, a level defended by the combination of the 50.0 Fib of the 192.69-213.03 GBP rally and 200-day SMA at 201.90. As Japanese yen bulls resume their advance and pus the cross lower, a move below the 200-day SMA will most likely see GBP/JPY target the sterling bids at 200.46, a level established by the 61.8 Fib of the 192.69-213.03 GBP rally, which acts as a gateway toward the psychologically important 200.00 handle. A further move to the downside will most likely see Japanese yen bulls extend their advance toward 198.77, a level created by the September 23 daily low. A sustained momentum to the downside will most likely see the cross head lower and test the pound bids around 197.04, a level marked by the 78.6 Fib of the 192.69-213.03 GBP rally. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, with neutral oscillators giving either side enough room to maneuver. 

GBP/CHF - British pound bulls once again failed to keep the cross above the psychologically important 2.3000 handle as GBP/CHF continued to trade within a trading range. As Swiss Franc longs takeover the price action, a move to the downside will most likely see the cross head lower and with a move below 2.2933, a level defended by the 23.6 Fib of the 2.1714-2.3310 GBP rally, target the sterling bids around 2.2817, a 20-day SMA. A further move on the part of Swissie traders will most likely see the GBP/CHF head lower and with a break below 2.2755, a level marked by the 200-day SMA, targeting 2.2700, a level defended by the combination of the 38.2 Fib of the 2.1714-2.3310 GBP rally and 50-day SMA. A further break to the downside will most likely see the cross head lower and target the psychologically important 2.2500 handle, a level protected by the 50.0 Fib of the 2.1714-2.3310 GBP rally. 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 after failing to push the cross above psychologically important 2.3500 handle, a level defended by the combination of 20-day, 50-day and 200-day SMA's. As Australian dollar bulls push GBP/AUD lower, a further move to the downside will most likely see the cross target sterling bids around 2.3384, a level established by the 23.6 Fib of the 2.5672-2.2692 AUD rally, which currently acts as a gateway toward the psychologically important 2.3000 handle, a level defended by the December 6 daily low. A further break to the downside will most likely see the cross head lower and target the cable defenses around 2.2679, a level established by the 2005 Low, breaking of which will most likely see the cross accelerate toward the next psychologically important 2.2500 handle. 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.