GBP/JPY â�,�“ We mentioned last week that â�,��"The diagonal triangle pattern is a terminal pattern, meaning that it marks the end of a move and subsequent trend reversal.  The reversal scenario would be bolstered by a daily close below the support line from the triangle pattern, which is at 223.30 today.â�,�  The reversal has (is) occurred (occurring).  Major tops in GBPJPY typically lead to multi-day declines.  So far, we have only had one major down day following the recent top at 225.28.  The pair has stalled ahead of support from the 10/30 low at 222.44.  A break lower seems likely given the tendency for GBPJPY to extend its declines.  The next support area is the 10/17 low at 221.21 and the 9/29 low at 219.91.

GBP/CHF â�,�“ The GBPCHF has also declined significantly and has stalled just prior to the 8/15 high at 2.3499.  The next bearish target is not until the confluence of the 38.2% fibo of 2.2519-2.3864/10/2 low at 2.3351 but a decline through 2.3499 is required before the picture becomes more bearish.  Resistance at the 11/13 high of 2.3729 needs to hold in order for confidence in the downside to remain strong.

GBP/AUD â�,�“ The GBPAUD has declined from just below 2.5000 figure to below 2.4600 in the last 3 days (11/14 through 11/16).  The theme of stalling in front of support continues in the GBPAUD with the pair currently just above the 11/6 low (pivot low) of 2.4571.  A break below still contends with the 200 day SMA at 2.4514.  However, the pair may be at the beginning of a larger trend change.  Price is currently just below the 11 month trendline.  A daily close below would suggest additional bearish potential towards the 7/18 low at 2.4241.

Jamie Saettele is a Technical Currency Analyst for FXCM.