GBP/JPY - GBPJPY topped out at 216.53 on 7/20 and has since choppily traded lower in a choppy fashion.  The decline is not very convincing and is not in line with the way the pair typically trades.  Support is at the confluence of the 23.6% fibo of 209.53-216.53 / 7/26 low at 214.66/94.  GBPJPY typically tops out at and forms what looks like an inverse v but this time the pair has more or less formed a rounding top.  Still, a break below the 214.65 level (also 7/18 high) bolsters the bearish prospects significantly.  CCI dropped below 100 today as well, which often precedes big turning points.

GBP/CHF - GBPCHF has stalled at the upper end of the year long range at 2.3000.  on 7/24, the pair spiked to above 2.3100 and formed a very long bearish upper wick on the daily.  Yesterday's decline brought RSI below 70.  This was the first decline from above 70 since 6/17/2005 (see circles on chart below), which was a major top.  Still, the decline so far has been choppy (much like GBPJPY) and a break below the 7/21 low at 2.2943 is required to instill confidence in a bearish outlook.

GBP/AUD - GBPAUD has dropped to the 61.8% fibo of 2.3667-2.5167 at 2.4242 to form a double bottom with the 7/18 low at 2.4241.  The double bottom combined and bullish divergence with daily oscillators (CCI, RSI, MACD, and momentum) point to a turn higher.  Initial resistance is at the high from yesterday at 2.4451.  The confluence of the 78.6% fibo / trendline from the 2.5168 high is at 2.4624.  A break below the double bottom at 2.4240 negates the bullish bias and would expose the 78.65 fibo of 2.3667-2.5167 at 2.3990.

Jamie Saettele is a Technical Currency Analyst for FXCM.