1. GBPJPY
2. GBPCHF
3. GBPAUD
GBPJPY The break above 222.23 proved to be false and GBPJPY has fallen back into the 220.17-222.23 range. Daily CCI has declined from above 100 and favors a reversal lower. A break below the 9/29 low at 219.91 could trigger that reversal. Weekly CCI exhibits divergence with the recent 223.81 high and has also declined from above 100. Resistance is at yesterdays high at 222.90.
GBPCHF GBPCHF may be reversing lower as well following the rejection of the rally at the 61.8% of 2.3709-2.3350 at 2.3571. 240 minute RSI has declined from overbought territory and wave structure favors a decline in order to complete the correction of strength from 2.2519 to 2.3709. Todays high is resistance at 2.3589 and a 3 month trendline near 2.3490 (drawn through 2.2538, 2.3152, and 2.3351) is support. A break below there exposes bearish targets beginning with the 38.2% fibo of 2.2519-2.3709 at 2.3254.
GBPAUD GBPAUD has declined from the 10/3 high at 2.5415 and is currently testing support at the 6/7 high of 2.5168 (former resistance). A daily close below reinforces the bearish bias and exposes the 9/29 low at 2.4966. CCI has declined from above 100 following bearish divergence with the 10/3 high. Price has also slipped below the 10 day SMA today. The 10/3 high at 2.5415 is resistance.
