1. GBP/JPY
2. GBP/CHF
3. GBP/AUD

GBP/JPY - Cable bulls once again had their luck turn against them as the cross tumbled toward the psychologically important 200.00 figure. As the price action remains in favor of the Japanese yen longs the next move will most likely see the cross break below the channel's lower boundary and sterling longs fall back toward 198.57, a level marked by the 200-day SMA. A break below will most likely see the pound longs scatter as Japanese yen bulls stampede their way to 196.80, a cable defensive position marked by the August 22 daily spike low. A further collapse of the sterling defenses will most likely see the GBP/JPY test the bids around 195.70, a 23.6 Fib of the 205.37-192.70 JPY rally, a level that currently acts as a gateway to the psychologically important 195.00 handle. Indicators are diverging with momentum indicator below the zero line while MACD is sloping downward toward the zero line, with neutral oscillators giving Japanese yen longs enough room to maneuver.

Key Levels & Technical Indicators

GBP/CHF - Swiss Franc longs remained on a warpath after successfully defending the psychologically important 2.3000 handle from the counterattack launched by the pound longs. As the cross head lower, a move to the downside will most likely see the cross aim for the pound bids around 2.2704 levle, a cable defensive position established by the 50-day SMA. A sustained momentum will most likely see the Swiss Franc longs take on the 2.2600 figure, a level that is heavily defended by the 38.2 Fib of the 2.1471-2.3311 GBP rally thus braking below the channel's lower boundary. A further move to the downside will most likely see the Swissie bulls push their way toward the 2.2569, a level marked by the 200-day SMA. Indicators remain on the in favor of the cable longs with both MACD and momentum indicator above the zero line, while overbought Stochastic signals that the Swiss Franc longs heavy plenty of room to expand before cross becomes oversold.

Key Levels & Technical Indicators

GBP/AUD - Australian dollar bulls continued to push the pound around as the cross broke below the psychologically important 2.3500 handle and stalled around 2.3395, a level marked by the 23.6 Fib of the 2.5672-2.2692 AUD rally. A break below the current level will most likely see the Aussie longs push their way toward 2.3279, a level marked by the August 1 daily high. A further advance by the Australian dollar longs will most likely see the sterling defenses crumble around 2.2991, an August 4 daily low. A sustained momentum on the part of Australian dollar longs will most likely see GBP/AUD collapse toward the multi-year low at 2.2692, a level that currently acts as a gateway to the psychologically important 2.2500figure.  Indicators are favoring Aussie longs with both MACD and momentum indicator treading below the zero line, ADX is above the key 25 line at 28.47, signaling an existence of a trend, not a direction of one. Stochastic is treading below the oversold line, signaling potential pullback, however a number of prolonged moves occurred after the oscillators became oversold.    
 
Key Levels & Technical Indicators

Chart of the Momemt

Sam Shenker is a Technical Currency Analyst for FXCM.