GBP/JPY ââ,¬â€œ GBPJPY continues to trade within a range, primarily between 200 and 223.  Both daily and short momentum is down as evidenced by decreasing oscillators.  There is a trendline just below current price drawn through 209.53, 217.35, 219.91, and 220.43. The slightly new highs that have made since 9/14 are accompanied with decreasing oscillator values (bearish divergence).  This does favor lower prices ââ,¬â€œ but only a break below the 219.91 range low instills confidence in the downside.  Similarly, a break above the 223.12 range high exposes the 223.81 high.    

GBP/CHF ââ,¬â€œ The point of reference is still the 3 month supporting trendline drawn through 2.2538, 2.3152, and 2.3351.  That line is currently at 2.3459 and increases roughly 11 pips per day.  Only a break below the line destroys the bullish channel.  The consolidation since the 9/15 high at 2.3709 is in the form of a triangle and price is near the apex ââ,¬â€œ which suggests that a breakout is possible going forward.  A break above 2.3709 targets the 4/6/2004 high at 2.3828.  As mentioned, it takes a break below the 3 month trendline to suggest that prices are headed lower.  Support would then begin at the 10/2 low at 2.3351. 

GBP/AUD ââ,¬â€œ GBPAUD has plummeted today and is currently testing a supporting trendline drawn through 2.3667, 2.4242, and 2.4511.  The decline from 5.5415 does appear to be in 5 waves and 240 minute RSI is extremely oversold ââ,¬â€œ so be wary of a corrective move higher.  The 9/29 low at 2.4966 would be initial resistance.  A break below the daily trendline (at current price) exposes the 9/6 low at 2.4511.  Price is currently below the lower Bollinger band (daily).  A daily close below there is bearish and would favor a continuation move lower.    

Jamie Saettele is a Technical Currency Analyst for FXCM.