1. GBPJPY
2. GBPCHF
3. GBPAUD
GBPJPY 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 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.
GBPCHF 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 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.
GBPAUD 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 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.
