GBP/JPY â�,�“ GBPJPY continues to trade within a range, primarily between 200 and 223.  Both daily and short momentum is down as evidenced by decreasing oscillators.  The pair has dipped below a 3 month trendline and favors weakness going forward.  The pair has consolidated between 219.91 and 223.12 since 9/14.  It takes a break above/below one of these levels to confidently establish a directional bias.

GPB/CHF â�,�“ GBPCHF made a long reverse hammer yesterday.  Resistance from the 4/6/2004 high at 2.3828 and bearish divergence with oscillators on both the daily and weekly limit upside potential.  A 3 month trendline is at 2.3525 today and increases about 14 pips per day.  Short term momentum is down as 240 minute RSI has slipped below 50.  Daily CCI decreased from above 100 â�,�“ which also favors a reversal lower.  A push above yesterdayâ�,��"�s high at 2.3782 exposes the aforementioned 2.3828.      

GBP/AUD â�,�“ The GBPAUD has broken below a 6 month trendline.  We mentioned last week that â�,��"the decline from 2.5415 does appear to be in 5 waves and 240 minute RSI is extremely oversold â�,�“ so be wary of a corrective move higher.â�,�  The ensuing rally was uninspiring and price is now just above the 10/17 low of 2.4649.  The most recent decline from2.4872 could be the second of 3 corrective waves.  The 3rd wave would then serve to more fully correct the decline from 2.5415 to 2.4649.  Fibo resistance begins at 2.4942 (38.2%).

Jamie Saettele is a Technical Currency Analyst for FXCM.