GBP/JPY ââ,¬â€œ The break above 222.23 proved to be false and GBPJPY has fallen back into the 220.17-222.23 range.  Daily CCI has declined from above 100 and favors a reversal lower.  A break below the 9/29 low at 219.91 could trigger that reversal.  Weekly CCI exhibits divergence with the recent 223.81 high and has also declined from above 100.  Resistance is at yesterdayââ,¬â"¢s high at 222.90.

GBP/CHF ââ,¬â€œ GBPCHF may be reversing lower as well following the rejection of the rally at the 61.8% of 2.3709-2.3350 at 2.3571.  240 minute RSI has declined from overbought territory and wave structure favors a decline in order to complete the correction of strength from 2.2519 to 2.3709.  Todayââ,¬â"¢s high is resistance at 2.3589 and a 3 month trendline near 2.3490 (drawn through 2.2538, 2.3152, and 2.3351) is support.  A break below there exposes bearish targets ââ,¬â€œ beginning with the 38.2% fibo of 2.2519-2.3709 at 2.3254.

GBP/AUD ââ,¬â€œ GBPAUD has declined from the 10/3 high at 2.5415 and is currently testing support at the 6/7 high of 2.5168 (former resistance).  A daily close below reinforces the bearish bias and exposes the 9/29 low at 2.4966.  CCI has declined from above 100 following bearish divergence with the 10/3 high.  Price has also slipped below the 10 day SMA today.  The 10/3 high at 2.5415 is resistance.

Jamie Saettele is a Technical Currency Analyst for FXCM.