GBP/JPY - GBP/JPY has taken off today - setting 8 year highs as the pair has blown by 216.00 and currently probes 217.00.  This opens up the door for a test of the psychological 220.00 - and more specifically the 78.6% fibo of 240.96-148.29 at 220.96.  With today's sharp move, daily oscillators have reverted to bullish form and are now sloping up.  Setbacks should see support from recent congestion areas, with the 8/2 high at 215.36 as initial support.  This could the final spike higher outside of the diagonal triangle that we have been looking for before a long term reversal.

GBP/CHF - GBP/CHF has followed up its break above a resisting trendline two weeks ago with a 300 pip rally so far this week.  The pair is approaching potential resistance from the 6/29/2005 high at 2.3303.  This week's candle confirms the breakout suspicions that we had a few weeks ago and favors a rally to the 78.6% fibo of 2.3922-2.1458 at 2.3390 on a break of 2.3303.  However, be wary of chasing this move as daily oscillators are severely overbought.  Initial support is at the 7/24 high at 2.3116.

GBP/AUD - GBP/AUD has rallied over 500 pips in the last week, surging past the 7/21 high at 2.4730.  Like the other GBP pairs, GBPAUD daily oscillators are sloping up and thus bullish.  Price has traded to the upper Bollinger band on the daily as well.  With the bands relatively tight, this could be the beginning of a breakout.  Additional strength probes the 61.8% fibo of 2.5169-2.4238 at 2.4811.

Jamie Saettele is a Technical Currency Analyst for FXCM.