GBP/JPY ââ,¬â€œ GBPJPY continues to defy gravity as the pair shot up to 223.80 today.  A spike low for the week ending 6/19/1998 at 223.82 is resistance but a push higher targets the April 1998 high at 225.64.  The trend is certainly steep as is evidenced by the nearly vertical trendline from the 7/10 low at 209.53.  A parallel line that is projected from the 7/20 high at 216.53 is just above current price and is potential resistance.  Only a break below the supporting trendline suggests that the pair has topped.  That line is currently at 219.80 but is so steep that it increases nearly 30 pips per day.  Most interesting is the RSI position on the weekly chart.  Since 2001, there have been 5 instances where RSI is overbought (on the weekly), with the current instance as the 5th.  The chart below tells the story.        

GBP/CHF ââ,¬â€œ GBPCHF is trading just above the 10 day SMA at 2.3327.  This may be the beginning of another move lower to more fully retrace the 2.2519-2.3497 advance.  A break below yesterdayââ,¬â"¢s low at 2.3295 would support this theory and favor a test of the 8/21 low at 2.3116.  Daily momentum is down with MACD slope negative and RSI decreasing from above 70.  Immediate resistance is at the 8/28 high at 2.3439.

GBP/AUD ââ,¬â€œ GBPAUD trades near the upper end of its 4 month contracting range.  A resisting trendline from the 6/6 high at 2.5168 is at 2.5137.  Price has topped out today at the 8/28 high at 2.5027 and created a short term double top in the process.  Immediate resistance is at the 8/30 low at 2.4821 but a break the 8/11 low at 2.4572 is required to instill confidence in the downside. 

Jamie Saettele is a Technical Currency Analyst for FXCM.