GBP/JPY ââ,¬â€œ After breaking out of the range that was held by 223.12, GBPJPY has formed a new range between 224.35 and 222.44.  gains from here look limited as divergence with oscillators continues to show on daily and weekly charts.  A short term (2 month) support line near 222.75 is a good point of reference from which to establish a bias.  A break below would shift focus to bearish targets at the 9/29 low of 219.91 and the 9/8 low at 217.35.

GBP/CHF ââ,¬â€œ The GBPCHF rally stalled just shy of the 4/6/2004 high at 2.3828 on 10/31 and the pattern that has formed since 8/11 is a diagonal triangle, which is often accompanied by bearish divergence with oscillators (as is the case here).  These patterns often end with a spike through the upper end of the diagonal which is followed by a reversal.  Resistance in this case would be at the 3/3/2004 high at 2.3910.  A break below the short term trendline would suggest that a larger move down was already underway.  Initial support is at the 10/27 low at 2.3659.

GBP/AUD ââ,¬â€œ GBPAUD continues to slide in a choppy fashion and now trades just above the almost year long (11 month) trendline and 200 day SMA.  The trendline is at 2.4544 today and the 200 day SMA at 2.4456.  A break below both of these barriers would represent a major trend in trend.  A bounce would target initial resistance at the 10/18 high at 2.4872.

Jamie Saettele is a Technical Currency Analyst for FXCM.