GBP/JPY - Cable bulls continued to push the Japanese yen higher after the pound longs broke above the 205.34, a level established by the 2005 high. A further move to the upside will most likely see the cross head toward the 207.05, a level established by the channel's upper boundary, with a further move to the upside testing the yen offers around 207.37, a March 5 2004 daily high, with a subsequent breakout taking on the Japanese yen defenses around 208.12, a level marked by the March 8, 2004 daily high.. Indicators are favoring pound bulls with both momentum indicator and MACD above the zero line, while overbought oscillators gives the yen longs a chance to retaliate.

GBP/CHF - Swiss Franc bulls remained on the sidelines as the price action remained confined to a narrow trading range following the failure by the sterling bulls to break above the 2.2900 handle, a level defended by the 23.6 Fib of the 2.1471-2.3311 GBP rally. Another attempt by the cable longs to take on the triangle's upper boundary will most likely see the pound longs lose momentum and with subsequent reversal seeing the cross head toward the sterling defenses around 2.2718, a level established by the 20-day SMA. A further move to the downside will most likely see the cross test the bids around 2.2655, a 200-day SMA.  Indicators are diverging with momentum indicator above the zero line and negative MACD sloping upward below the zero line. Oscillators remain neutral, thus giving either side enough room to maneuver. 

GBP/AUD - Australian dollar bulls managed to push back the advancing sterling longs toward the psychologically important 2.3500 handle. A move to the downside will most likely see the Aussie longs push the pair below the psychologically important 2.3500 handle and take on the sterling defenses around 2.3339, a level marked by the 23.6 Fib of the 2.5672-2.2692 AUD rally. A further move to the downside will most likely see the cross test the pound bids around 2.3159, a level established by the October 13 daily low, which currently acts as a gateway toward the psychologically important 2.3000 handle. Indicators are favoring sterling longs with both the momentum indicator and MACD above the zero line, while overbought neutral oscillators give either side enough room to maneuver.