GBPJPY
GBPCHF
GBPAUD
GBPJPY 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 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. Yesterdays high at 220.79 is resistance as is the 78.6% fibo of 240.96-148.29 at 220.96.
GBPCHF We mentioned last week that The decline from 2.3497 looks like a full5 waves and thus a corrective move higher is warranted before another leg of weakness begins. 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.
GBPAUD 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 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).
