GBP/JPY - Japanese yen traders managed to push the cross lower as GBP/JPY stalled around 205.26, a level defended by the combination of the 38.2 Fib of the 192.69-213.03 GBP rally and 50-day SMA at 204.85. As Japanese yen bulls resume their advance and push the cross lower, a move below the will most likely see GBP/JPY target the sterling bids at 202.86, a level established by the 50.0 Fib of the 192.69-213.03 GBP rally and is further reinforced by 200-day SMA. A further move to the downside will most likely see Japanese yen bulls extend their advance toward the psychologically important 200.00 handle, a level defended by the 61.8 Fib of the 192.69-213.03 GBP rally, breaking of which will most likely see the cross tumble toward 198.77, a level created by the September 23 daily low. Indicators are favoring Japanese Yen longs with both negative momentum indicator and negative MACD treading below 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 remain in charge of the price action, a move to the downside will most likely see the cross head lower and with a move below 2.2700, a level defended by the 38.2 Fib of the 2.1714-2.3310 GBP rally and is further reinforced by the 50-day SMA. A further move on the part of Swiss Franc bulls will most likely see the cross head lower and with a break below 2.2512, a level 38.2 Fib of the 2.1714-2.3310 GBP rally, seeing GBP/CHF head below the psychologically important 2.2500 handle. A further break to the downside will most likely see the cross head lower and target pound bids around 2.2323, a level protected by the 61.8 Fib of the 2.1714-2.3310 GBP rally. Indicators are mixed with negative momentum indicator diverging from positive MACD above the zero line, while neutral oscillators giving either side enough room to maneuver.

GBP/AUD - Pound longs remained narrow trading range as the cross stalled around 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 sterling longs, with both positive momentum indicator and positive MACD treading above the zero line, while neutral oscillators give either side enough room to maneuver.

Sam Shenker is a Technical Currency Analyst for FXCM.