GBP/JPY ââ,¬â€œ The GBPJPY has rallied to just above the 61.8% fibo of the 223.81-217.33 decline.  The next potential level of resistance is the 78.6% fibo at 222.42.  Short term momentum is slowing considerably as evidenced by negative divergence on the hourly with MACD and RSI.  Still, the pair pushed back above the 20 day SMA this week so bears be cautious.  A push above the 78.6% fibo at 222.42 exposes the 223.81 high.  Prices below 221.20 could lead to additional selling.

GBP/CHF ââ,¬â€œ GBPCHF has rallied back to the 2.3500 figure and there is the potential for a triple top ââ,¬â€œ especially since daily oscillators are slowing.  CCI is extreme (above 100) on the daily ââ,¬â€œ which indicates reversal potential.  The reversal signal occurs when the indicator crosses back below 100.  Support would be at the 9/7 high at 2.3335.  A break above todayââ,¬â"¢s 2.3512 high exposes the 4/13/04 high at 2.3684.

GBP/AUD ââ,¬â€œ GBPAUD is also approaching resistance from 8/28 and 8/31 highs at 2.5027/30.  The pair has consolidated between 2.5004 and 2.4873 since late Tuesday and the piercing of a short term supporting trendline from the 9/6 low (2.4511) hints at a reversal.  Still, the aforementioned resistance is 100 pips higher.  A break below 2.4873 instills confidence in the downside.

Jamie Saettele is a Technical Currency Analyst for FXCM.