GBP/JPY â�,�“ GBPJPY has continued to creep higher.  The pair made a new high yesterday at 220.79.  There is bearish divergence with oscillators on the daily â�,�“ which favors a turn lower.  A break below the short term trendline from the 8/18 low at 217.44 instills confidence in the bearish argument.  That line is just below current price at the 220.00 figure.  Yesterdayâ�,��"�s high at 220.79 is resistance â�,�“ as is the 78.6% fibo of 240.96-148.29 at 220.96.

GBP/CHF â�,�“ We mentioned last week that â�,��"The decline from 2.3497 looks like a full5 waves and thus a corrective move higher is warranted before another leg of weakness begins.â�,�  The pair traded up to 2.3405 today but has since fallen to just above 2.3300.  Price remains above a supporting trendline from the 8/21 low at 2.3116.  That line is at 2.3275 (also the 20 day SMA) and a break lower bolsters the bearish case.  Support is at the 8/21 high at 2.3229 and the 8/21 low at 2.3116.

GBP/AUD â�,�“ GBPAUD has consolidated and formed a triangle following the decline from 2.5138.  Price has most recently tested the upper end of the triangle just above 2.4850.  The triangle is symmetric â�,�“ which keeps the bias neutral until a break.  A break argues for a return to the extremes of the range that GBPAUD has traded in since Mid may (2.4240-2.5140).

Jamie Saettele is a Technical Currency Analyst for FXCM.