GBP/JPYâ�,�“ GBP/JPY continues to trade at the upper end of an ascending triangle on the daily.  Massive negative divergence at last weekâ�,��"�s 211.44 high did lead to a small correction of strength and the pair currently trades near 210.50.  On the hourly chart, recent candles have broken through a supporting trendline from the 5/10 low at 205.71 â�,�“ possibly foreshadowing weakness that is to come.  Daily oscillators lean towards bearish as they slope down from higher levels.   

GBP/CHF â�,�“ GBP/CHF continues to range between 2.2915 and 2.2550.   After declining from the 5/19 high at 2.2915, the pair declined to just below the 38.2% fibo of 2.1473-2.3302 at 2.2604 and made an inside day at the lower Bollinger band on 6/5 â�,�“ giving scope to a reversal.  A bullish bias is reinforced by the hourly chart, which shows a double bottom at 2.2576/82 along with rising oscillators.  If weakness resumes past todayâ�,��"�s 2.2582 low, then a test of the 78.6% fibo of 2.2449-2.2915 at 2.2549 is a possibility.

GBP/AUD â�,�“ GBP/AUD has fallen significantly following the double top at 2.5124/68 from highs on 5/22 and 6/6.  Negative divergence on the daily with the double top foreshadowed the decline.  In fact, we mentioned last week that â�,��"Trading opportunities existâ�,�¦to either buy a break or sell a potential double top.â�,�  A continuation of weakness targets the 38.2% fibo of 2.3667-2.5167 at 2.4597.  Little resistance is evident until the 6/5 low at 2.4901.

Jamie Saettele is a Technical Currency Analyst for FXCM.