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

GBP/JPY - Cable bulls managed to launch a decisive counterattack against the Japanese yen longs and managed to push the cross above the psychologically important 200.00 handle. As the price action remains on the side of the cable longs, a break above the 201.50 will most likely see the pound longs push their way toward the 202.66, a level marked by the 78.6 Fib of the 205.37-192.70 JPY rally, and with sustained momentum to the upside most likely seeing the cable longs take on the Japanese yen defenses around 203.44, an April 13 daily high. A subsequent counterattack by the Japanese yen longs will most likely see the GBP/JPY tumble toward the channel's lower boundary, thus reversing the sterling fortunes. Indicators are favoring pound bulls with both momentum indicator and MACD above the zero line, whilr neutral oscillators give either side enough room to maneuver.

Key Levels & Technical Indicators

GBP/CHF - Swiss Franc bulls continued to roll over the sterling defenses like they were made out of straw as the cross broke below the channel's lower boundary, with the next move to the downside pushing the cable toward the next psychologically important 2.2500 mark.  As Swissie longs ignore their own neutrality and pound the sterling longs into submission, the next move to the downside will most likely see the cross test the cable's defenses around 2.2607, a cable defensive position established by the 38.2 Fib of the 2.1471-2.3311 GBP rally, a level which is further reinforced by the 200-day SMA. A sustained momentum to the downside will most likely see the Swiss Franc longs take on 2.2531, a cable defensive position established by September 2 daily low.. Indicators are diverging with momentum indicator below the zero line, while MACD is sloping downward toward the zero line. Oscillators remain neutral, thus giving either side enough room to maneuver. 

Key Levels & Technical Indicators

GBP/AUD - Australian dollar bulls had their horns broken off and handed back to them after the British pound counterparts suddenly launched a decisive counter attack. As cable longs continue to consolidate their gains and push the cross higher, a break above the 2.3406, a level marked by the 23.6 Fib of the 2.5872-2.2692 AUD rally, will most likely see the pound longs break above the psychologically important 2.3500 figure and target the next level of Aussie defenses around 2.3546, a level marked by the 50-day SMA. A further collapse of the Australian dollar defenses will most likely see the cross target 2.3830, a level marked by the 38.2 Fib of the 2.5872-2.2692 AUD rally. Indicators are favoring Aussie longs with both MACD and momentum indicator treading below the zero line, ADX is above the key 25 line at 31.13, signaling an existence of a strengthening trend, not a direction of one. However neutral oscillators began to negate the trending outlook.
 
Key Levels & Technical Indicators

Chart of the Moment

Sam Shenker is a Technical Currency Analyst for FXCM.