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British Pound Crosses Fight Back
By Jamie Saettele | Published  04/27/2006 | Currency | Unrated
British Pound Crosses Fight Back

GBP/JPY â,“ The past week has seen the British Pound get leveled by the Yen with the pair has falling from just below the 211.00 figure to the confluence of its 200 day SMA / 76.4% fibo of 201.64-210.78 at 203.65 / 80 this morning.  As a result, the weekly chart is extremely bearish as a very long reverse hammer sits atop from last weekâ,"s candle.  Still, there is plenty of room for this pair to move down as suggested by RSI at just 40.  Needless to say, weâ,"ll stand by last weekâ,"s suggestion that â,"day number thirteen [of the previous uptrend] on the Bollinger band will indeed be unlucky for bullsâ,.  Continued resistance stems from the mentioned 203.65/80 area along with the 3/20 low at 202.64.  Hourly oscillators are sloping slightly upward with contra moves seeing challenges at last nightâ,"s high of 204.90 and the 23.6% fibo of 210.78-203.78 at 205.43.

GBP/CHF â,“ GBP/CHF finds itself in a range the past week with stiff resistance at the 2.2620/40 level, an area intertwined with the 50, 100, and 200 day SMAâ,"s.  Daily oscillators are slightly bullish as RSI has just crossed above the 50 midpoint and momentum is now positive (8 day).  Considering that the pair has made 3 lower highs and that GBP/CHF is currently trading right at a downward sloping trendline, scope remains for the pair to fall towards the 4/25 low at 2.2627.  Resistance looks solid at a confluence of daily highs from 4/13 and 4/21 at 2.2780.  Most importantly, the pair is trapped within a tight consolidation that looks ready to break.

GBP/AUD â,“ GBP/AUD has also been hammered recently, and most especially yesterday.  The pair did find support just below the 76.4% fibo of 2.3354-2.4843 at 2.3706.  The area from yesterdayâ,"s low at 2.3667 to the mentioned fibo at 2.3706 is a support area but a break would target a possible supporting line from the 12/6 low that passes through the 3/2 low.  Daily oscillators do favor shorts as evidenced by MACD sloping down and now below 0 as well as RSI falling below 50 early in the week.  Resistance comes in from the 3/21 low at 2.3865 with a break above exposing the 23.6% fibo of 2.4845-2.3662 at 2.3939.

Jamie Saettele is a Technical Currency Analyst for FXCM.